House Prices Keep Most Graduates off the Property Ladder

Western Mail (Cardiff, Wales), November 24, 2007 | Go to article overview

House Prices Keep Most Graduates off the Property Ladder


Byline: By Emily Lambert

More than half of people who graduated in the past 10 years have not been able to buy their own home, research published today shows.

Only 44% of people who left university over the past decade have got on to the property ladder, according to Scottish Widows Bank.

Seven out of 10 people who have not yet bought their own place said unaffordable house prices are the biggest barrier preventing them from getting onto the property ladder.

Debt is also an issue for struggling first-time buyers, with the average graduate owing pounds 10,586 in unsecured loans and on credit cards.

Among those who have bought their own place, 72% have had to buy jointly with a partner, friend or relative in order to be able to afford somewhere.

But 69% of people who have a joint mortgage admitted they would be unable to afford to buy out the other person if the arrangement turned sour.

Amanda Docherty, communications manager for Scottish Widows Bank, said, "These findings tell us that first-time buyers are increasingly pooling their resources in order to get onto the property ladder.

"In principle, with a widening gap between earnings and house prices, it is a good idea, as it can help overcome some affordability issues.

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