Young look to get on the property ladder

Posted: 21 Jun 2007 10:35:17 GMT


            Property News - Young look to get on the property ladder

New research has suggested that young people are now more concerned about getting on the property ladder than getting a degree.

New research has suggested that young people are now more concerned about getting on the property ladder than getting a degree.

According to a study by Lloyds TSB Mortgages, more young people are shunning the costs of university to get a job and save up to buy their own home.

One in ten 18 to 24-year-olds have decided not to go to university because of the costs involved, preferring instead to earn some cash to invest in the housing market. A further third want to see a cut in tuition fees to help them afford tom be able to go to university and still have an opportunity to buy a property after graduation.

"The fact people are willing to forgo their education highlights the importance of homeownership to the younger generation," commented Alison Burns, mortgage sales director at Lloyds TSB.

However, she added that such measures may not be necessary, because many lenders are now prepared to be "flexible", adding; "Many of the old mortgage myths no longer apply."

She therefore advised: "Young people should seek mortgage advice before making a decision that could affect their long term future."


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