First time home buyer news: Aspiring homeowners wait to get on the first rung

14-Jun-2006

Many aspiring homeowners in Britain are waiting until their mid-30s or older to get onto the first rung, according to research.

One in three first time buyers wait until after they reach 35 to buy their first home, while one in five wait until after they are 40 before they get onto the first rung, research by NatWest Mortgage Services shows.

Guy Aldwinckle, head of NatWest Mortgages, outlined a range of help on offer at the bank for first time buyers, noting that "buying your first home is a big step".

Advice on the best type of mortgage to take out and flexibility in meeting individuals' needs were also highlighted by Mr Aldwinckle as important issues for first time buyers.

The research findings come as Abbey reveals that for the first time the cost of owning a property over a 25-year period is becoming greater than the cost of renting, in certain parts of the UK.

While on average, homeowners remain better off than tenants by £24,372, private tenants in Wales see savings of £27,416 over the 25-year period and in the south-west, savings of £21,009 can be made by renters.

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