Shared ownership sees younger first time buyers

27-Jul-2006

The Notting Hill Home Ownership (NHHO) indicates that the average age of first time buyers purchasing their first home through shared ownership has fallen from 39 to 34 over the last six years.

Meanwhile, a total of 42 per cent of NHHO's customers are now aged between 25 and 34, according to the Associated Press.

James MacPherson, director of home ownership, at NHHO, told the publication: "Shared ownership offers a simple route into home ownership for people who cannot afford to buy outright and is more common in London than elsewhere due to the soaring property prices."

Recent research from Alliance & Leicester found that first time buyers face a potential shortfall of over £5,000 in their deposit, despite plans to save for two years.

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