Young people – objective is to own home by 30

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by Kay Murchie

A recent study has revealed that today’s young people are motivated by money and 24% stating that they anticipate an income of £40,000 per annum within 10 years and 33% planning to be entirely debt free by their mid-30’s.

The study also shows that 4 out of 5 people between the ages of 16 and 21 expect to own their own house by the time they are 30. Young people today are financially ambitious and the fastest way to accomplish their goals is by getting on the career ladder early.

This new generation of people identifies the growing trends of debt so by earning a significant amount of money, they can get onto the property ladder more quickly.

It is a struggle for many first time buyers to purchase their first home as house price inflation has significantly outweighed income over the past few years. It is suggested that first-time buyers consider the 100% mortgage option.