Future first-time buyers will either have to be more reliant on their parents to get onto the first ...
Future first-time buyers will either have to be more reliant on their parents to get onto the first rung of the housing ladder or be heading towards their forties before they finally buy a property, suggests the Council of Mortgage Lenders and ONS results.
Figures released by the Office for National Statistics this week revealed the age has increased from 30 in 1974 to an average of 34 across the UK, increasing again to age 36 in the South-east and East Anglia.
Given the impact student debt is likely to have on individuals in the future - if they leave university of up to £21,000 - the only way many people will be able to get on the property ladder will be to get help from their parents or wait longer, says Bernard Clark, spokesman for the Council of Mortgage Lenders.
"High levels of student debt are likely to have an impact on the prospects for first-time buyers," says Clark.
"We may see a rise in the age at which graduates are able to do so. But we might also see parents offer more help to their children to buy property. These people will have property owned for a considerable period of time which has also seen significant equity growth. It is quite reasonable for them to draw on that through equity release to help a son or daughter get a start," he adds.
Affordability is also likely to a consideration, as the average first-time buyer paid £85,000 in 2001 compared with £141,300 in London and £53,100 in the North-east.
Problems with the increasing cost of property has seen a major cut in the number of people getting on the property ladder as on 40% of buyers were first-time buyers in 2001, compared with 54% in 1994.
The average deposit paid by a first-time buyer in 2001 was also £18,000 compared with £5,000 in 1996, according to ONS.
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