FTBs 'expect to be 37' when buying first home
24th Apr 2012
The average age at which people expect to be taking their first step onto the property ladder is 37, according to the latest survey.
A poll of UK adults who do not currently own a property carried out by MoneySupermarket.com revealed that people expect to be an average 37 when they finally become first-time buyers (FTBs).
Some 41 per cent of respondents, equivalent to eight million Brits, say they do not intend to buy a property at all.
There is still good news for those who do decide to buy a home, however, as the number of mortgages available for those with only a ten per cent deposit is currently 209, which is up 20 per cent on 2011, while the average interest rate for these mortgages has dropped by 1.14 per cent since April 2009.
Clare Francis, mortgage spokesperson at MoneySupermarket.com, noted that many people are taking the decision to rent for longer while they save a large enough deposit to buy their first home.
"On the plus side, the current housing market means aspiring homeowners can take their time to build up a deposit as they don't have to worry that prices will become unaffordable if they don't buy now," she added.
© Zoopla Property Group Plc