Research by finance website Moneysupermarket.com, suggests that the estimate for the average age that house hunters in the UK can purchase their own property is 37.
The comparison website surveyed individuals who do not own a house currently, asking when they expect to be in a position to buy one. It discovered that 35% believe they will never be in that position. This has fallen by 6%, however, since 2012, which means that an additional 1.5 million now expect to take their first steps in buying property, hopefully meaning an upcoming boost in the number of twenty-somethings across the country thinking about home renovations, from Chester to Chepstow..
Moneysupermarket.com mortgage spokesperson, Clare Francis, said:
“Home ownership is something millions of people aspire to so it’s encouraging to see an increase in the number of people who hope to one day own their own home, even if though may feel a long way off for many.
“The Bank of England’s Funding for Lending scheme has provided a real boost for the mortgage market in terms of the number of products available. However, the main beneficiaries are those with large deposits so it is understandable that so many aspiring homeowners still think it’s going to be difficult to get onto the property ladder.”
She continued to say though that in spite of the Help to Buy scheme from the government planning to offer help to such individuals, it is clear that a number of people are not positive that there will be a significant change.
