Renting 'a better option than buying' in current climate
Young people who are thinking about buying home should reconsider their options, it has been stated.
According to money website fool.co.uk, a culture of needing to own property has been "instilled" in the UK.
However, head of personal finance David Kuo noted that "that mentality may have to change", due to the problems in the housing market.
He explained that renting could be a much better option, something that may be of interest to those looking for a house or flat in London.
The average house price is around eight times the average wage, Mr Kuo said, meaning that for someone who purchases a home, "the amount of debt burden that that person is carrying now is a lot more than a person 20 or 25 years ago".
His comments follow a study by Abbey Mortgages, which showed that 20 per cent of those between the ages of 18 and 24 either delayed moving out or returned to parents' homes in order to save money.
Published 13th February, 2009
© 2009 Estates IT Limited
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Young people who are thinking about buying home should reconsider their options, it has been stated.