Young people still aspire to home ownership

Posted on March 28^th 2008

Gloomy predictions by financial commentators about property ownership,
house price growth and the inability to negotiate mortgages are daily
news, so it is encouraging to find that young adults in their 20s still have ambitions to be on the housing ladder by the time they are 30.

The 'Moving Improving' research by Alliance & Leicester shows that three in five young adults have made realistic preparations towards buying their first property by the time they are over 29.

Richard Taylor, head of mortgage products at Alliance & Leicester, says: "Reaching 30 years old appears to be a landmark age for many people with it being set as a deadline for some major life events, like owning a property, getting married or starting a family.

"Being a home owner for the first time is something most of us desire,
preferably earlier in life. Even in an uncertain housing market we're
seeing those under the age of 30 feeling confident and optimistic about
the prospect of getting onto the property ladder before they say goodbye to their twenties."

Richard Taylor sounds a small note of caution, however: "Those aiming to get onto the property ladder need to do some background work and
consider professional advice to establish exactly what they can afford
to buy and to plan a budget in order to manage their new monthly
mortgage payments."

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