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Survey: UK 18 to 24-year-olds making sacrifices to afford homes

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by Elaine Frei
Survey: UK 18 to 24-year-olds making sacrifices to afford homes

According to a new survey by Lloyds TSB (LSE: LLOY), more young people are determined to purchase a house and many of them are willing to give up other things to do so. The report shows that 54 percent of the people in that age group surveyed are living with their parents, foregoing independence in order to save for their first home. A third are waiting to travel until they can afford to buy their own place, and one in ten have decided not to attend university in order to save. Twenty percent say they have taken a higher-paying position over one they would prefer to have in order to make more money so that they can afford to buy a home sooner.

The mortgage sales director at Lloyds said that the results of the survey highlight the importance that young people in the UK put on owning their own home. She is quick to point out, however, that going to such extremes as giving up an education might not be necessary in order to enter the housing market. More mortgage providers, she says, are becoming more flexible in making accommodation for first-time buyers and the circumstances they find themselves in.

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News posted: June 21, 2007

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