Most people are well aware that the financial and economic climate has been very difficult over the past few years, and his has had a huge impact on the property and mortgage sectors, resulting in some groups finding it increasingly difficult to get a mortgage. First time buyers have been amongst the worst hit when it comes to getting a mortgage, with extortionate deposit demands and increased stringency making it harder than ever for people buying for the first time to get onto the property ladder.
A recent study has shown how young people these days expect to be considerably older than their parents were when they manage to get onto the property ladder for the first time. In the survey both young people and their parents were polled about their ages when it came to getting onto the property ladder, and the results revealed that the average age of parents when they had managed to get onto the property ladder was twenty three whereas their offspring expected to be twelve years older at around thirty five before they manage to get onto the property ladder.
The research was carried out by the Post Office and showed that in the 1960s parents who purchased homes were in their early twenties but today’s younger people will be in their mid-thirties. This group has been called the Peter Pan generation, because they will never be able to grow up like their parents and older adults did in terms of reaching life’s traditional milestones.
One Post Office official said: “Many would-be first-time buyers may have been put off trying to get onto the housing ladder by the size of deposits now needed. Some may be deterred by their perception of high mortgage repayments.”
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