With 41 per cent of these non-homeowners wanting to buy but unable to afford it, the findings from A&L’s movingimproving index contradicted the idea that only 20 and 30 year-olds found it difficult to get a foot on the property ladder.
The index revealed over 50s are having more trouble getting on the housing ladder than in 2005, when 33 per cent faced this affordability problem.
However, it is still those in their 20s and 30s who felt they could not afford to get on the housing ladder. The research found 58 per cent of non-homeowners in their 20s and 58 per cent of those in their 30s complained most about house prices being out of their reach.
Stephen Leonard, director of Mortgages at Alliance & Leicester, said: “Our research reveals that the affordability issue is more widespread than you’d expect and not just something that affects Britain’s youngsters. Although those in their 20s and 30s are most affected by this problem, an increasing number of those over 50 are also finding it hard to afford a house.”
Rob Proctor, deputy chief executive of Kent Reliance Building Society, said: “I think that the products for these people are there, but consumers just aren’t aware of them because most mortgage lenders don’t advertise them. These products aren’t that profitable and it’s the ordinary working people in their 50s who get forgotten by the sales and marketing people.”
But Roy New, a London-based sole trader, argued that if people wanted to buy a property they would find a way to do so. He explained: “I talk to 25 year-old clients who have saved all their money and bought a property. I think it’s just fashionable to rent at the moment.”
