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Strong Case For Buy To Let Property Investment
Prospective first-time buyers believe they will be able get on to the property ladder when they are 35 – 12 years older than first-time buyers in the 1960s.
But more than half (53%) of young adults currently not on the property ladder believe they will never be able to afford to buy a home. Half of 25 to 34-year-olds say they would need a windfall or a better paid job in order to be able to fund a deposit.
Research by Post Office Mortgages tracked the average age of first-time buyers since 1960, finding that those who bought their first home in the early 1960s were on average just 23.
Mike Cooke, Post Office head of mortgages, said: “Many would-be first-time buyers may have been put off trying to get on to the housing ladder by the size of deposits now needed.
“But there are very competitive options available for people who are keen to own their first home, and prospective buyers may not have to wait until they are 35 to take this step, with first-time buyers with the Post Office averaging 30 years old.
“In fact, so far this year, four in ten of our customers were first-time buyers, demonstrating that it’s possible for many to get on the ladder sooner than expected.”
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Article date: 8/23/2011 12:00:00 AM