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Over Eight Million Brits Turn Their Back on the Property Ladder

CHESTER, England April 23, 2012

  • 37 is the average age house hunters estimate they’ll buy their first home
  • 40 per cent plan to rent until they can afford to buy
  • Number of mortgage products available for first time buyers drops by 12 per cent in a year

With UK market conditions continuing to make it difficult for would-be home owners to get a foot on the property ladder, the average age Brits expect to be able to buy their first property is now 37 years old, according research* from MoneySupermarket.com, the UK’s number one comparison site.

UK adults who do not currently own a property were asked at what age they expect to be able to buy one, and a staggering 41 per cent, some 8 million Brits**, claim they do not intend to buy a property at all.

first time buyers July 2007 April 2009

Clare Francis

"To a certain degree it is perhaps understandable. Despite a stagnant housing market in many areas of the country, property prices remain exceptionally high. Coupled with this, mortgages remain hard to come by with the number of loans available to those with a small deposit well down on the pre-Credit Crunch days. Rising living costs are also making it harder for aspiring first time buyers to save that all important deposit."

Saving for a deposit

When those with an idea on when they would buy were asked how they planned to pay for the deposit on their new home, 40 per cent say they will rent until they have saved enough. Just nine per cent of would-be homeowners have already saved for a deposit, yet a hopeful six per cent say they will play the lottery for a home deposit over asking their family and friends (five per cent). Six per cent are hoping that house prices will drop further, lessening the amount they need to save.

MoneySupermarket

Clare Francis

"On the plus side the flat housing market means aspiring homeowners can take their time to build up a deposit as they don’t have to worry that prices will become unaffordable if they don’t buy now.

"When it comes to saving for a deposit it’s well worth looking for the most competitive savings rate and consider a cash ISA, as interest is tax free, so that will boost the return. Reviewing personal finances to see where else you can make savings, such as to switch your major bills can help save over £1,000 when using MoneySupermarket and this could be a substantial contribution to the first time mortgage savings pot."

Notes to editors:

13th February 2012

** Results have been weighted to nationally representative criteria, based on 323 respondents (16%). 16% of 49,969,000 UK adults = 8,029,844

*** First Time Buyer Trends

                                        Number of            Number of  Average Average   Products   Average             Mortgage  Overall Overall available at Rate at      Date   Products   Rate     LTV       90%        90%       Apr-09   2,604     5.25%    71%       111       6.47%     Apr-10   2,700     4.68%    75%       163       6.02%     Apr-11   3,007     4.41%    76%       253       5.78%     Apr-12   2,443     4.19%    76%       300       5.27% 
            Number of                       Number of             Mortgage                       Products             Products                       available            Available                       to First  Average             to First                         Time      FTB               Time     Average    Average  Buyers at Rate at      Date    Buyers    FTB Rate   FTB LTV     90%      90%       Apr-09   1,260      5.35%       73%       62      6.44%     Apr-10   1,448      4.77%       76%       119     6.05%     Apr-11   1,524      4.47%       77%       174     5.82%     Apr-12   1,337      4.22%       78%       209     5.30% 

Sourced by http://www.MoneySupermarket.com   10.04.2012

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th March 2012

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For further information please contact:

Paul Lawler

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SOURCE MoneySupermarket.com

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