First time buyers suffer as parents invest in student housing

08-Aug-2006

Around 83,000 houses were purchased by parents in student areas last year, according to Direct Line, meaning less affordable homes for first time buyers.

The number of houses occupied by students in the UK is predicted to reach 100,000 by 2010.

Some industry analysts claim that this could lead to a decline in affordable housing for first time buyers.

Peter Bolton King, chief executive of the National Association of Estate Agents, said: "Parents buying property for their children is helping to drive the market, but there's a downside to it.

In certain locations it's pushing prices up faster than they would otherwise go, making it even more difficult for first time buyers who are often looking for exactly the same properties."

Meanwhile, research from the Land Registry suggests that the average house price in the UK has risen to £199,184.

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