Should Brits forget homeownership until their 30s?
Owning their own home could be becoming an increasing pipedream for many people in the UK, with one sector commentator warning Britons may not be able to climb on to the first rung of the property ladder until they are in their 30s.
Jane Marr, company director at the Little House Company, said a current lack of first-time buyers was a worrying trend when it came to keeping the housing market moving and was most likely caused by the fact a large deposit was now needed to secure a mortgage.
Britons struggling with saving up a down payment to buy a home may wish to consider flats to rent in the London borough of Kensington and Chelsea in Notting Hill, or elsewhere in the capital, which could give them time to save while still enjoying life in the city on a more affordable budget.
"I can foresee the situation where people in their 20s do not consider homeownership and that it will only become a realistic goal once in your 30s as your pay increases and you have had longer to save," said Ms Marr.
Her comments come after a Rightmove survey revealed the proportion of first-time buyers looking to purchase a property has fallen for the second successive quarter to 25.8 per cent.
Written by Andy Britten
Published 10th March, 2010
© 2010 Estates IT Limited
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Owning their own home could be something Britons do not achieve until they reach the age of 30, which may mean more people opt to look for property to rent in London.