Youth 'taking on debt to buy property'

Posted: 08 May 2007 10:50:45 GMT

New research by Engage Mutual suggests that today's youth are staying at home for a longer period of time and taking on increased debt levels.

New research by Engage Mutual suggests that today's youth are staying at home for a longer period of time and taking on increased debt levels.

The report said that under-25s are delaying moving out of home by three years but are more likely to take out a loan to pay for a new dwelling.

Of those studied, 61 per cent said that they anticipate buying a home before they reach the age of 30. This is compared to 58 per cent of current retirees who bought a home before this age.

Engage Mutual's Carl Elliott said that the property landscape had changed dramatically and that those in the stated age-bracket were accustomed with economic burdens.

"While it is encouraging to see that today's under-25s are not put off by ever-increasing house prices, it is important that they are as prepared as possible when it comes to savings," he added.

The survey took in the views of 2,300 people in the chosen demographic, reports Firstrung.co.uk.

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