Property: First-time buyers look to buy by 30
Under 30s look to property
Friday, 28 Mar 2008 16:47
Six out of ten 20-somethings think being on the property ladder by their 30th birthday is a realistic target.
Property ownership was revealed as a key life goal for people in their 20s, according to new research from Alliance & Leicester – ahead of marriage and starting a family.
While 57 per cent of those under 30 expect to be a homeowner by the time they reach the end of their third decade, 49 per cent imagine being married or in a civil partnership and 42 per cent think they will be starting a family.
Currently the average first-time buyer is 29, according to the Council of Mortgage Lenders (CML) – a rise of one year over the last 15 years as many people delay buying either because of high property prices or as a lifestyle decision.
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."
"Being a home owner for the first time is something most of us desire, preferably earlier in life."
He added: "Even in an uncertain housing market we’re seeing those under the age of 30 feeling confident and optimistic about the prospect of getting onto the property ladder before they say goodbye to their twenties."