Young professionals eager to get onto property ladder
Young professionals are still eager to own but are finding themselves priced out of the mortgage market, according to research by Endsleigh.
The financial services provider found that just 35 per cent of professionals under 30 years-old own their own property.
Nearly two-thirds of non-homeowners surveyed cited rising costs as the biggest barrier to home ownership.
Professionals currently on the look out for mortgage deals will no doubt be eagerly anticipating the 2008 housing market performance to end this trend, with property prices expected to stagnate and interest rates expected to drop.
A spokesperson for Endsleigh said: "There are still great aspirations to own, especially from those in their early 20s."
"Huge numbers of young professionals across the country are finding it simply too expensive to get on the property ladder," he added.
The research found that, of those surveyed, renters currently pay an average of £365 per month, compared to £600 per month paid by those with a mortgage.
The financial services provider found that just 35 per cent of professionals under 30 years-old own their own property.
Nearly two-thirds of non-homeowners surveyed cited rising costs as the biggest barrier to home ownership.
Professionals currently on the look out for mortgage deals will no doubt be eagerly anticipating the 2008 housing market performance to end this trend, with property prices expected to stagnate and interest rates expected to drop.
A spokesperson for Endsleigh said: "There are still great aspirations to own, especially from those in their early 20s."
"Huge numbers of young professionals across the country are finding it simply too expensive to get on the property ladder," he added.
The research found that, of those surveyed, renters currently pay an average of £365 per month, compared to £600 per month paid by those with a mortgage.
