Brits Want To Own Homes

Home ownership remains a priority for Britons in their twenties, according to a new report.

Alliance & Leicester has carried out a study, showing that 57 per cent of people aged 19 to 29 years old expect to own a home by the age of 30.

Their aspirations do not appear to be far fetched, with the survey also highlighting that 67 per cent of homeowners questioned said that they owned a property by the time they reached 30 years of age.

Richard Taylor, head of mortgage products at Alliance & Leicester, said that the figures highlight that homeownership remains a priority among young Britons.

"Reaching 30 years old appears to be a landmark age for many people with it being set as a deadline for some major life events, like owning a property, getting married or starting a family," he explained.

"Being a home owner for the first time is something most of us desire, preferably earlier in life.

"Even in an uncertain housing market we're seeing those under the age of 30 feeling confident and optimistic about the prospect of getting onto the property ladder before they say goodbye to their twenties," added Mr Taylor.

How the UK housing market will turn out in 2008 is still uncertain with record high house prices, the introduction of Home Information Packs and the recent credit crises. Only time will tell whether the UK housing market will fall or continue to rise. Currently it has never been harder for first time buyers, and those aged 19 to 29 years, to buy their first property.

Author: Mark Behling