Property appeals more than university

Permalink: Property appeals more than university
by Kay Murchie

According to a new survey, one in ten 18-24 year olds are keen to purchase their own home rather than studying for 3 years and accruing student debts.

The report states that many twentysomethings are working 2 jobs to save for a deposit to buy their first house. Many are choosing to live at home and save for a deposit, rather than traveling the world which is becoming more popular to young people today.

It just proves Briton’s fascination with property is thriving and 75% of twentysomethings say owning a home before they reach 30 is their number one priority.

These extreme measures are not always necessary, research shows a number of misapprehensions about today’s property market. Over half believe that a 10% deposit is essential before meeting with a mortgage lender. Furthermore, many believed a minimum salary of £30,000 was a requirement.

With 100% mortgages becoming increasingly popular, lenders are practically throwing money at potential buyers.