London too expensive, says engage Mutual Assurance

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London too expensive, says engage Mutual Assurance

Fri 29th Sep 2006

Young Londoners are finding their living costs expensive and rising, according to a report from engage Mutual Assurance.

High living costs are preventing graduates from moving out of home, it was suggested. The average age at which young people currently expect to be solvent enough to move out of home is when they will be almost more 25 years old in the capital, compared to 23 years old in the North.

Karl Elliott, spokesman for engage Mutual Assurance, said: "These results reveal how increasing financial pressures in modern Britain are leading people to re-evaluate their aspirations."

"Money is often a key determinant in deciding when the time is right for young adults to move out of home, get married or buy their first property," he added.

Buying a first home is even less likely, according to those surveyed. Eight per cent of under 25-year-olds have given up hope of ever buying their own property, while only 11 per cent currently own their own place by the age of 25.

Saving enough money for the deposit on a property is often the biggest hurdle to first-time buyers, but some banks report it is still cheaper to buy than to rent in the long-term.

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