LONDON - New research by Alliance & Leicester shows that at least a quarter of young newly married couples want to buy their own houses, but are unable to do so. This isn't rocket science considering current house price valuations. Most of them are forced to stay in rented homes since they cannot afford to shell out the huge amounts required to get on the property ladder.
The movingimproving survey conducted by Alliance and Leicester Mortgages found that only about 13 percent of newly married young couples were able to make a move into the property markets, while 55 percent of the married couples admitted that they had no plans to move out of their rented place at the moment. However, it is not all gloom and doom on the housing market, according to Stephen Leonard, director of mortgages at Alliance and Leicester.
"A new year signals new hopes and dreams for prospective homebuyers. The Christmas period is traditionally slow for the housing market however this picks up again after the festive lull," he said. "The housing market continues to be buoyant so those who are looking to buy or move house should not lose hope."
The housing situation is even worse for single people. The survey found that 26 percent of them want to get onto the property ladder, but cannot afford it. Only one in five single people stay in their own homes with 40 percent living on rent and 37 percent still at their parents' home. "Living at home with parents provides many with a great opportunity to save towards a deposit on their first home," said Leonard.
"For the last three quarters, our research indicates a trend towards more men in their 20s staying at home with their parents than moving out." It was found that 58 percent of those surveyed were willing to pay £120,000 for their first home, but the average price of a property in the country is £144,509.
Posted
on : Thu, 19 Jan 2006 20:30 GMT | Mortgages News
By : Salim Patel
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