You are here: Home - Mortgages - First Time Buyer - News -

Home ownership a poor investment, say 14% of youth

0
Written by:
01/08/2012
One in seven young people feel that property ownership represents a bad investment, according to research by MRM.

Young Britons feel they need to be earning over £33,500 before making their first move on the property ladder, with 14% of the opinion that property would be a poor investment.

The Young Money survey of over 2,000 people aged 20-29 found that they feel they need to earn £33,729 before they can start saving for a mortgage, over a third above the national average wage.

Nearly half of the respondents said that they feel they will never be able to afford their own home, although those in their early 20s were more optimistic than the average with 62% expecting to own their own home at some point.

Lack of job security was cited by 38% of people as the main reason they could not afford to get onto the property ladder but 14% of the twentysomethings surveyed said they did not wish to be tied down to a property.

Michael Taggart, director at MRM, said: “We are seeing a seismic cultural shift with swathes of young adults giving up on owning a home any time in the near future.

“A combination of historically high house prices and lack of availability of mortgages has simply moved homeownership off the agenda.”

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
2195899-beach-holiday
Spain still topping dream destination for retirees

The British love affair with Spain seems to still hold strong as the Mediterranean country still tops the list of...

Close