Student still keen to acquire a home

| October 25, 2007 | 0 Comments

It would seem that students and their parents are not being deterred by predictions of a house price slump.

According to recent research from Abbey Mortgages, students still regard university years as an ideal time to get a foot on the property ladder, with 14% planning to purchase a property in their university town.

In terms of numbers, approximately 66,000 of today’s students are aiming to invest in a house during their period of study.

A further 44,000 have parents who may buy a property for them and a similar number are considering joining forces with friends and colleagues to buy a home.

Currently, around 88,000 houses are owned by students and/or their parents.

Three-quarters are occupied by students who have purchased the property themselves or with friends, and one-quarter are owned by parents.

Nici Audhlam Gardiner, Head of Mortgages at Abbey, advises that “The key issue with any mortgage, but a buy-to-let one in particular, is affordability”.

He adds that people considering purchasing a property for student years “need to make sure that they can afford the mortgage payments plus any maintenance costs, service charges and down-time between tenancies that they will also need to cover.”

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