Should Brits forget homeownership until their 30s?
Owning their own home could be becoming an increasing pipedream for many people in the UK, with one sector commentator warning Britons may not be able to climb on to the first rung of the property ladder until they are in their 30s.
Jane Marr, company director at the Little House Company, said a current lack of first-time buyers was a worrying trend when it came to keeping the housing market moving and was most likely caused by the fact a large deposit was now needed to secure a mortgage.
Britons struggling with saving up a down payment to buy a home may wish to consider flats to rent in the London borough of Kensington and Chelsea in Notting Hill, or elsewhere in the capital, which could give them time to save while still enjoying life in the city on a more affordable budget.
"I can foresee the situation where people in their 20s do not consider homeownership and that it will only become a realistic goal once in your 30s as your pay increases and you have had longer to save," said Ms Marr.
Her comments come after a Rightmove survey revealed the proportion of first-time buyers looking to purchase a property has fallen for the second successive quarter to 25.8 per cent.
Written by Andy Britten
Published 10th March, 2010
© 2010 Estates IT Limited
London Rental Property News By London Borough / Category
Latest London Property News Headlines
St John's Wood brings the village atmosphere to the capital
St John’s Wood is a great location for people looking to capitalise on all the benefits of London living without being caught up in all the hustle and bustle.
Read Article ... Published on 26th May, 2015
Yeading: Enjoy peaceful city living in an up-and-coming area
Yeading is a laid-back and peaceful residential area situated north-east of Hayes and is one of the most up-and-coming areas of the capital.
Read Article ... Published on 26th May, 2015
Hanwell: A green, peaceful environment for Londoners
Hanwell is a small town located in the Borough of Ealing and is in between Ealing and Southall, providing excellent transport links to the rest of the capital.
Read Article ... Published on 26th May, 2015
Mitcham Carnival announced for June
Mitcham Carnival has been announced for Saturday June 13th at Three Kings Piece.
Read Article ... Published on 22nd May, 2015
Hammersmith and Fulham Council start Park consultation
Hammersmith and Fulham Council have launched a new consultation on Hammersmith Park, inviting local residents to have their say on the area and how it can be improved.
Read Article ... Published on 22nd May, 2015
New conservation areas planned around Waltham Forest
Waltham Forest has announced plans for two new conservation areas near Lloyd Park and Bakers Arms town centre.
Read Article ... Published on 20th May, 2015
Sutton Council announces Take Part Take Pride summer festival
Sutton Council has announced its Take Part Take Pride summer festival.
Read Article ... Published on 20th May, 2015
Brent Council teams with Brent Housing Partnership in new project
Brent Council has partnered with the Brent Housing Partnership as it aims to improve the standard of housing for local people.
Read Article ... Published on 19th May, 2015
Gardeners prepare for Islington In Bloom
Islington Council is preparing for this year’s “In Bloom” event by teaming up with local gardeners to identify the best greenery available in the area.
Read Article ... Published on 15th May, 2015
New fitness centre set to open in Manor Park
A new fitness centre is expected to be opened in Manor Park by Newham Council.
Read Article ... Published on 15th May, 2015
Owning their own home could be something Britons do not achieve until they reach the age of 30, which may mean more people opt to look for property to rent in London.