The latest Alliance & Leicester movingimproving index showed one in four (25 per cent) married renters would like to get on the housing ladder but simply cannot afford to. Only one in 10 (13 per cent) of married renters are in a position to buy their first home while over half (55 per cent) report they have no thoughts of buying at the moment.
Singletons are also finding it hard to get on the ladder with 26 per cent unable to afford to buy. This group are the most likely to be renters in Britain (40 per cent) with only one in five owning their own home (20 per cent) and over a third (37 per cent) preferring to live at home with their parents instead.
Over half of first-time buyers (58 per cent) are looking to spend under £120,000, up from the 48 per cent recorded in the last quarter.
Stephen Leonard, director of mortgages at Alliance & Leicester, said: “A new year signals new hopes and dreams for prospective homebuyers. The Christmas period is traditionally slow but this picks up again after the festive lull. The housing market continues to be buoyant so those looking to buy or move house should not lose hope.”
Keith Astill, managing director of UCB Home Loans, said: “The age at which people make their first purchase of a property has been rising over recent years and a large proportion of those who are hoping to buy their first property by the age of 27 will not be in a position to do so. Latest figures from the Council of Mortgage Lenders show that the average age of a first-time buyer is now 34.”
