Property ownership tops the list of the priorities for those under 30
According to latest research conducted by Alliance and Leicester building society, property ownership still tops the list of priorities for those under 30.
Regardless of the growing concerns over the reasonability and ease of buying existing for the first time buyers in the housing market, about 57 per cent of the prospective buyers still believe in ownership of property as a realistic goal by the time they turn 30.
Head of mortgage products at Alliance and Leicester, Mr. Richard Taylor, highlighted the fact that, the age of 30 seems like a landmark number for many; a number of people view it as a deadline to meet the biggest targets of life, such as getting married, owning a property, or starting a family. According to the Council of Mortgage Lenders (CML), in spite of the tough mortgage conditions, the recent figures highlight the average age of the first time buyers to be around 29. The point worth noting is that the figure has been slightly pushed upwards in comparison to the previous decade or so. The age of first time buyers was 28 in the late 1990’s; now it has become 29.