Property dominates student plans

16-Jan-2008

Owning property is more important to Britain's students that buying their first car or going travelling, research has shown.

Figures from the high street lender Abbey have revealed that 42 per cent of students have already started saving for their first property.

This compares to just 19 per cent who are saving for a car or to take a gap year.

It would appear that many students are worried that if they do not buy sooner rather than later, they will be unable to get a foot on the property ladder at all.

"House prices have brought in a harsh new reality for students," said Nici Audhlam-Gardiner, head of mortgages at Abbey.

"They now need to weigh up the benefits of travelling against jumping straight into a career and being able to afford to get onto the property ladder.

"It's certainly encouraging to see that many university students are sensibly putting money aside for that important deposit on their first home," she added.

Many students will need to consider shared ownership schemes or club together with parents in order to buy their first home.

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