Graduates struggling to buy according to National Homebuyers

The majority of people who graduated from university in the last decade do not own a home.

[UKPRwire, Fri Nov 30 2007] New research from Scottish Widows shows that just 44 per cent of these people have bought a property.

Of those who have, 72 per cent have been forced to enter a shared ownership agreement because the associated costs are simply too high.

One of the main reasons that graduates are unable to buy a house is a high level of debt, with the average graduate owing £10,586.

Scottish Widows said that shared ownership is one option available to potential first-time buyers (FTBs) but the firm points out that it is not always the best route to take.

"This is not an arrangement that people should rush into. Nobody wants to end up in a situation where they find it extremely difficult to share a home with someone they no longer get on with but can't afford to do anything about it," said Amanda Docherty, communications manager at Scottish Widows Bank.

"With no exit route in place, graduates need to be fully aware of the size of the commitment involved in buying with someone else," she added.

Fast cash for property expert Julian King says, "The average age of a first time buyer is creeping up and up.

"Along with the new lending restrictions, lack of confidence in the market and a downward price spiral, the number of buyers per property is getting fewer and fewer.

"As homeowners look to sell their properties next year, they will be hit by the stark lack of buyers. Vendors who need a quick sale are advised to look for alternatives to the traditional 'open market' route".

Mr King is a director of National Homebuyers, the UK's leading quick property purchase firm. The company guarantees to make an offer to purchase any property in the UK, regardless of its condition or location. The company is also the leading provider of equity release style Sell and Rent Back products.

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