Young rush into home buying
According to new research by Engage Mutual, today’s under 25’s are anticipating buying their first home before their grandparents did. Growing financial limitations mean those under 25 are delaying moving out of the family home by three years and getting married by four and a half years, compared to their older counterparts. One third of Britons under 25 predict waiting until they are at least 24 before affording to move out.
However, as acceptance of debt grows, and despite property prices skyrocketing in some areas, under 25 year olds anticipate buying their first home almost a year ahead of their grandparents.
It seems that the under 25s are more optimistic when it comes to purchasing a new home, with 61 percent already having bought or anticipating buying a first home before they are 30. Just over one in two (58%) retirees bought their first home by the time they were 30.
A British representative sample of 2,300 adults was questioned as part of a 3GB campaign, exploring how finances impact the experiences of generations. Engage Mutual questioned these Britons about their aspirations and experiences. It was discovered that whilst under 25 year olds may be struggling to move on in life, they are accepting debt to get onto the property ladder.
Karl Elliott, 3GB Spokesperson for Engage Mutual said “Young people today face a very different financial landscape than today’s retirees faced forty years ago. With consumer debt at an all-time high, 125 per cent mortgages readily available and credit at our fingertips, today’s young generation has become more accustomed to living with debt. As a result, attitudes to financial milestones are changing.
“While it is encouraging to see that today’s under-25s are not put off by ever-increasing house prices, it is important that they are as prepared as possible when it comes to savings. By putting away a little and often over the long-term, both parents and off-spring can cope better with the financial milestones to come.”
If homeowners are discovering that they are making multiple payments every month for various credit and store cards, a large part of that monthly repayment could be interest. A debt consolidation loan could be one of the many options that a homeowner could look at to rearrange their finances. Knowing exactly when your one monthly payment is debited could allow homeowners to plan ahead. A debt consolation loan is made payable over a term to suit the borrower, from 5 to 25 years. When taking out a secured loan to consolidate existing debts, it is however important to remember that repaying borrowing over a longer term will increase overall interest charges. When choosing a debt consolidation loan to consolidate credit and store card debts, homeowners may also consolidate existing loans.
Nemo´s typical rate is 8.9% APR variable. A NEMO LOAN IS SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT. However, as acceptance of debt grows, and despite property prices skyrocketing in some areas, under 25 year olds anticipate buying their first home almost a year ahead of their grandparents.
It seems that the under 25s are more optimistic when it comes to purchasing a new home, with 61 percent already having bought or anticipating buying a first home before they are 30. Just over one in two (58%) retirees bought their first home by the time they were 30.
A British representative sample of 2,300 adults was questioned as part of a 3GB campaign, exploring how finances impact the experiences of generations. Engage Mutual questioned these Britons about their aspirations and experiences. It was discovered that whilst under 25 year olds may be struggling to move on in life, they are accepting debt to get onto the property ladder.
Karl Elliott, 3GB Spokesperson for Engage Mutual said “Young people today face a very different financial landscape than today’s retirees faced forty years ago. With consumer debt at an all-time high, 125 per cent mortgages readily available and credit at our fingertips, today’s young generation has become more accustomed to living with debt. As a result, attitudes to financial milestones are changing.
“While it is encouraging to see that today’s under-25s are not put off by ever-increasing house prices, it is important that they are as prepared as possible when it comes to savings. By putting away a little and often over the long-term, both parents and off-spring can cope better with the financial milestones to come.”
If homeowners are discovering that they are making multiple payments every month for various credit and store cards, a large part of that monthly repayment could be interest. A debt consolidation loan could be one of the many options that a homeowner could look at to rearrange their finances. Knowing exactly when your one monthly payment is debited could allow homeowners to plan ahead. A debt consolation loan is made payable over a term to suit the borrower, from 5 to 25 years. When taking out a secured loan to consolidate existing debts, it is however important to remember that repaying borrowing over a longer term will increase overall interest charges. When choosing a debt consolidation loan to consolidate credit and store card debts, homeowners may also consolidate existing loans.
