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12 PER CENT HOPEFUL OF OWNING FIRST HOME IN NEXT FIVE YEARS

12 PER CENT HOPEFUL OF OWNING FIRST HOME IN NEXT FIVE YEARS (Buying)

by administrator @, Tuesday, May 01, 2012, 11:01

Around 12% of people are hopeful of buying their first home during the next five years, research has shown.

The Post Office revealed that almost a quarter (22%) of those asked are planning to get on to the property ladder for the first time next year, while 14% expect to buy this year.

While this study appears to be good news for youngsters just getting started, activity at the bottom end of the housing market can filter upwards and fuel activity right through to people looking at retirement properties for sale .

Results also showed that many people looking to become first-time buyers are planning to save for an average deposit of 16%.

These figures have been backed up by the Post Office's customer data, which showed that during 2011 first-time buyers put down an average deposit of just over 15%.

Mike Cook, head of mortgages at the Post Office, said: "First-time buyers are the life blood of the property market and our research shows that challenging stories about first-time buyers and wider economic issues have not dampened aspirations to get on the housing ladder."


www.postoffice.co.uk


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