The cost of getting onto the housing ladder is pushing the average age of first time buyers higher, GE Money Home Lending reports today.
The average age of those making their first purchase is now 34, compared to 27 in 1977.
House price inflation of 1,436% over the period is given as the main reason for the age increase by GE Money .
Affordability is a key issue, as house prices carry on creating the biggest challenge for would be first time buyers .
There has been a change in the psychology in those purchasing a home. A sense of worth as well as the search for independence are the key motivating factors for first time buyers. Previously the key factor for buying a home was the desire to live with a spouse and have children.
Buying satellite television is rated well above starting a family, which is half as important as it was 30 years ago.
Moreover, choosing to buy a house later in life could see your bank balance worse off.
Choices make affordability more difficult later on in life, with the pursuit of life experiences and leisure increasing young people's personal debt levels. At the same time house prices continue to get more out of reach for them.
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Inflation Hikes Up House Prices
Wed, 15 Aug 2007
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