Home ownership and life begin at 40
The expected age of home ownership has risen sharply and many prospective homeowners will now not expect to own their first home until they are nearly 40. The figure rises to nearly 43 for buying a property in London.
Research from Moneysupermarket.com also indicates that :-
- Due to high prices and big deposits, almost 1/3 of those who would like to buy have given up
- First-time buyers are on average paying deposits of 23% of the buying price.
- The Government is to make available some £500 million in the next 2 years for deposits on new build homes, which should allow 10,000 first time buyers to buy under the “Firstbuy” Scheme.
- In raising a deposit almost half of first time buyers save the sum themselves.