Credit crunch to quash graduate aspirations
The credit crunch runs the risk of pricing many graduates out of the property market, it has been suggested.
Student finance charity UniAid said that the combination of soaring house prices and tightened lending criteria is proving lethal for a large number of recent graduates.
The situation is apparently so dire that young professionals are being stopped from getting on even the lower strata of the house ladder, forcing many to remain in rented property for longer than they had planned.
"If you're coming out of university saddled with debt, and if lenders are more risk-averse… and the cost of property is so huge, then it's going to be very difficult," asserted UniAid executive director Alistair Lomax.
"We're concerned that students are going to find it more difficult to borrow money to get on the bottom rung of the housing ladder - which already may be out of reach."
Recent research by the debt charity found that seven out of ten six-form leavers say their biggest concern about higher education is debt.
Published 9th April, 2008
© 2008 Estates IT Limited
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The credit crunch runs the risk of pricing many graduates out of the property market, it has been suggested.