Young people 'want their own place'

Young people in the UK are beset by many financial woes but are still rushing into home buying, according to a new report.

Under 25s anticipate that they will buy their first home a year ahead of when their grandparents did, according to a poll by Engage Mutual. They are delaying leaving the family home by three years but still hurrying to get on the property ladder and even willing to get into debt to do it.

Karl Elliott, from Engage Mutual, said: "Young people today face a very different financial landscape than today's retirees faced forty years ago.

"With consumer debt at an all-time high, 125 per cent mortgages readily available and credit at our fingertips, today's young generation has become more accustomed to living with debt."

She added that under-25s should be getting more prepared before buying a house and should start saving earlier.

The average under-25 will be able to afford his/her own home at 28 but waits until 24 before leaving home.


© Adfero Ltd