First Time Property Buyers News: Average age of first time buyer 'will be 41 by 2025'
By: Paramount-Magazine Published Date: 30 Jun 2011 16:07The average age of first time buyers will reach 41 by 2025, according to a report by LV=.
Almost half (47 per cent) of people in their 20s and 30s say they cannot afford to purchase a home due to their current financial situation, while 16 per of those who have not yet become first time property buyers said the reason was the lack of UK mortgage lending.
Richard Rowney, life and pensions managing director at the insurance group, commented: "Faced with high property prices, high inflation, uncertainty over the movement of interest rates and a tough economic climate, it is not surprising Brits are developing 'Peter Pan syndrome'.
"However, people need to consider the long term financial impact of delaying major financial steps, particularly if it means they will still have high debts to pay when they are much older and approaching retirement," he added.
Meanwhile, Nationwide figures show London was the only region in the country to witness rising house prices in the second quarter.
7 Jul 2011
First Time Property Buyers News: Average age of first time buyer 'will be 41 by 2025'
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