Home ownership an 'unrealistic expectation' for young

14/10/2009

Hard-up youngsters, including those seeking debt help, have given up on the dream of owning their own home.

New comments from the National Landlords Association (NLA) have suggested that ownership remains an "unrealistic expectation".

The analysis follows news that lodger numbers have reached a new high.

Spareroom.co.uk, a tenants' specialists, revealed yesterday that the average age of the live-in landlord has increased from 29 years old to 33 years old over the last 18 months.

Pensioners, a large proportion of whom bought their homes well before the beginnings of the housing bubble, were also revealed as the single fastest-growing landlords' group.

Overall lodger numbers have risen by 67 per cent in the past year, Spareroom.co.uk added.

Commenting on the report, NLA spokesman Stephen Hilton said: "The reality is that being a home owner for an increasing number of younger people is an unrealistic expectation nowadays.

"At the moment, availability of affordable finance is the key thing that is preventing [this], but also how we live is changing. People don't necessarily want to commit to the long-term investment of home ownership."

Research from Abbey Mortgages released earlier this month also showed that many pragmatic homebuyers were seeking out ways of reducing their costs.

The study revealed that 1.61 million Britons were buying homes in areas of the country other than London - with likely savings of £1 billion to be made in total over the next year as a result.

Tags; Debt Management and Banking, Young Family Finances, Credit Card Lifestyle, Recent Graduate Debt,

Regional Debt Advice; Debt Help London,

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