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Home ownership to be delayed until 30s, says expert
10/03/10
Edited by Sophie Griffiths. The high deposits first-time buyers need to secure a mortgage could mean owning a residential property only becomes a "realistic goal" when people enter their 30s, an expert has claimed.
Jane Marr, director of the Little House Company, said last month, the average deposit required by some looking to get on the housing ladder hit 25 per cent for the first time since 1974.
She added that lenders are still very risk-averse following the financial crisis, but a lack of new buyers entering the market is "very worrying", as they are crucial to creating a "buoyant" property sector.
Her comments come after data from Rightmove showed the number of first-time buyers buying a home has fallen for the second consecutive quarter to 25.8 per cent. In a healthy market, this figure would be around 40 per cent.
Ms. Marr warned that unless access to mortgage finance improves, buying a property could only be a "realistic goal once in your 30s, as pay increases and you have had longer to save".
According to Halifax, the average UK house cost £166,857 last month.
