Young people still aspire to homeownership

The majority of young people still aspire to buy their own home by the age of 30, despite the increasing difficulty in finding cheap mortgages.

Research for the Building Societies Association BSA Property Tracker found that eight out of ten people aged 18 to 24 hope to have bought their first house by the landmark birthday.

Furthermore, some 94 per cent of respondents claim they would ideally like to have bought by the time they are 35, while three-quarters want to buy in their 20s.

Confidence in the housing market is also significantly higher amongst those already on the housing ladder, with 51 per cent claiming that now was a good time to buy compared to just 32 per cent of those who are currently renting or living rent-free.

Paul Broadhead, BSA head of mortgage policy, said: "It is encouraging to see that the aspiration to buy is still strong among young people. It's clear, however, that consumer sentiment coupled with some perceived barriers is dampening activity in the housing market right now."

A recent poll by Clydesdale and Yorkshire Banks found that nearly a fifth of children expect they will own their dream house by the time they are 25. 

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2011-09-21 16:31:47 © Moneyextra.com