Graduate first time buyers 'pessimistic'

06-Oct-2006

Graduates are increasingly pessimistic about their ability to become first time buyers, data suggests.

According to a recent survey by Scottish Widows, 53 per cent of graduates do not believe that they will be able to become a first time buyer, with around ten per cent believing that they will never own a property.

Many believe that they will be unable to save enough for a deposit of at least £15,000 and student debts, in addition to rising house prices, are being blamed for the worsening outlook.

"Our report has yet again revealed that graduates are not finding it easy to get on the property ladder with house prices continuing to rise and first time buyers being unable to save for that deposit," said Murdo McHardy, head of product development and marketing at Scottish Windows Bank.

The report also identified that around 62 per cent of graduates purchased their first property with a partner, with nearly 70 per cent unable to buy the other out should things go wrong.

Scottish Widows is a UK-based company offering a range of products relating to investment, banking and protection.

For advice on first time buyer mortgages, or to find out how much you can borrow and how much it would cost you, contact a good mortgage broker.

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