The long wait for home ownership
Posted: 11 Apr 2006 10:13:54 GMT
For many years, the plight of first-time buyers has been a central issue for observers of the UK property market and new research indicates the situation is not improving.
With house prices continuing to rise, first-time buyers are typically waiting until the age of 30 before purchasing a property.
A survey from the SmartNewHomes website found that although a minority of respondents had been put off by reasons to do with commitment and independence, 85 per cent blamed finances for the delay.
It is perhaps unsurprising given that first-time buyers expect to pay £153,029 for their first house, which is more than seven times the average earnings of £21,266 for those aged between 22 and 29.
Securing a sufficient mortgage and raising a deposit are the big areas of difficulty and it seems it is an issue that refuses to go away.
Many sellers are now deciding to advertise houses online in the knowledge that buyers are looking to save on fees to estate agents to help fund the acquisition of the perfect home.