Would-be homeowners think they'll never own a house, Post Office claims
www.moneynews.co.uk > Mortgages > Would-be homeowners think they'll never own a house, Post Office claims
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Would-be homeowners think they'll never own a house, Post Office claims
Thu 25th Aug 2011
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New research from Post Office Mortgages has revealed how more than half (53 per cent) of would-be first-time buyers (FTBs) struggling to get on the property ladder believe they never will.
This comes as the company found the average age of FTBs since 1960 had risen steadily from just 23 years old to today's expected figure of around 35.
Exactly half of those surveyed said they will be unable to raise the funds for a deposit without some significant change in their personal circumstances, such as entering a higher wage bracket or receiving a lump sum.
Post Office head of mortgages Mike Cook claimed there are some "competitive options available" for people however, adding that 40 per cent of Post Office mortgage customers were FTBs this year, averaging at 30 years of age.
He added: "The Post Office now offers a range of products which only require a ten per cent deposit, which will help people get on the all-important first rung."
Meanwhile, independent financial advisors Hearden Associates has claimed that parents releasing equity in their own homes is increasingly the way in which FTBs are raising capital for housing deposits.
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Related News : Post Office |
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