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Home ownership 'may not be realistic for people in 20s'
10 Mar 2010
Posted by Jonathan Walker
People may not be able to realistically consider home ownership until they are in their 30s and must instead rent with buy to let insurance policyholders, according to an expert.
Jane Marr, company director at the Little House Company, said that she could forsee a situation where people in their 20s cannot get on the property ladder.
She suggested that it may only become a realistic goal once they are in their 30s, when their pay has increased and they have had longer to save up while renting from buy to let insurance policyholders.
Her comments follow figures from the Council of Mortgage Lenders which showed that the average age of a first-time buyer in the north, Yorkshire and Humberside is 27. This compares to 30 in Greater London.
"The fact is the average person cannot find the huge deposits now required by lenders," Ms Marr said.
She added that the lack of first-time buyers is very worrying.
"They are needed to create a buoyant housing market and to keep things moving," Ms Marr explained.
