FTBs 'want to purchase property by the age of 30'

Posted: 22 Sep 2011 12:37:49 GMT

Many FTBs have set 30 as the age limit for entering the property market.

A high number of first-time buyers (FTBs) in the UK are hopeful they will have purchased a home by the time they turn 30.

This is according to new research carried out by the Building Societies Association (BSA), which showed around 80 per cent of 18 to 24-year-olds have set the milestone as the age limit for getting their foot on the first rung of the property ladder.

In addition, 94 per cent of the young people surveyed said they hope to buy a dwelling before celebrating their 35th birthday and 75 per cent aspire to call themselves a homeowner sometime during their 20s.

The findings come as part of a wider Property Tracker from the organisation, which polls around 2,000 people regarding the state of the UK housing market every three months.

As part of the latest investigation, it was shown that 69 per cent view raising the money needed for a deposit as a significant hurdle with regards to buying an abode.

This was the most sizeable percentage since the survey began in June 2008 and marks an increase of seven percentage points on the 62 per cent reported in June.

However, just 16 per cent of those questioned admitted to being worried at the prospect of house price falls in the future, compared to the 27 per cent who said similar at the same point in 2010.

Indeed, although the median forecast anticipates house prices will stay flat over the next year, 39 per cent of respondents expect them to rise.

Paul Broadhead, head of mortgage policy at the BSA - which represents all of the 48 building societies in the UK - said: "It is encouraging to see that the aspiration to buy is still strong among young people. It's clear, however, that consumer sentiment, coupled with some perceived barriers, is dampening activity in the housing market right now."
 

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