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Home owning out of reach

Home owning out of reach (Buying)

Offer by administrator @, Monday, August 22, 2011, 14:54

More than half of would-be buyers in the UK do not think they will ever be able to afford to buy their own home, research has revealed.

Post Office Mortgages said that 53 per cent of prospective homeowners aged 25-34 believe they will never be able to afford to buy their own home.

The news was released as figures showed that the average age a first time buyer expects to be able to join the property ladder is 35.

Women were the more optimistic gender, expecting to buy a home at 34 compared to 37 for men.

Raising the deposit was of major concern with 43 per cent of Londoners saying they could not afford it without a change in circumstances. This compares with 37 per cent across the country.

Mike Cook, Post Office head of mortgages, said: ‘Many would-be first-time buyers may have been put off trying to get onto the housing ladder by the size of deposits now needed.’

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