Nesting still more important than investing for FTBs
17th Oct 2012
First-time buyers of properties for sale in the UK are still seeing the chance to settle into a house with their partner as the main reason for getting onto the ladder, as opposed to investing financially for the future.
According to a new study carried out by the Yorkshire Building Society, some 85 per cent of first timers said that being able to buy a house that they and their partner can settle into was their primary goal.
And at a time when rental prices are higher than they have ever been in history, 49 per cent of those who bought their house last year said that they feel renting in the private sector is a waste of money, showing a reason behind their purchasing a house instead.
This is in spite of them having to often make difficult lifestyle changes just so that they can afford to make a saving for their deposit.
Chris Smith, group direct mortgage manager at Yorkshire Building Society, said: "In the last five years mortgage activity in general has more than halved, and today's first-time buyers are facing a squeeze on incomes and pay rates that are not keeping pace with inflation. However, it's encouraging to see the proportion of first time buyers has actually begun to increase."
Posted by Staff Writer: Ewan Robertson
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