UK Money News
27th March 2008
Youths aim to buy home 'before reaching 30'
Signs of a prolonged property slump have failed to dampen twenty-somethings' enthusiasm for getting on the housing ladder, a new report has revealed.
According to a study conducted by Alliance & Leicester, owning a home is one of the key goals cited by young people before they reach the age of 30.
Moreover, despite the gloom in the property sector and tougher conditions for first time buyers, 57 per cent of respondents identified owning as a home before they hit the milestone age as a realistic goal.
Richard Taylor, head of mortgage products at Alliance & Leicester, said: "Reaching 30 years old appears to be a landmark age for many people with it being set as a deadline for some major life events, like owning a property, getting married or starting a family.
However, potential buyers cannot afford to be complacent given the difficulties often faced by novice homebuyers, he warned.
"Those aiming to get onto the property ladder need to do some background work and consider professional advice to establish exactly what they can afford to buy and to plan a budget in order to manage their new monthly mortgage payments," Mr Taylor said.
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