10 August 2007Young Britons' growing desire to achieve independence has contributed to the ongoing affordability crisis when it comes to buying a house in the UK, a new study has found.
Last month a Scottish Widows Bank survey found that almost three quarters of respondents believed rising house prices to be a major stumbling block to purchase, but problems are being exacerbated by the number who look to buy a property on their own, according to GE Money Home Lending
The number of prospective homeowners buying a home with their spouse has fallen from 80 per cent to a third in just 30 years, while the number buying alone has almost doubled, the lender has advised.
"Younger people are increasingly choosing to reject the more traditional path of family and community and choosing independent living and experience," confirmed Gerry Bell, head of mortgage marketing at GE Money Home Lending.
"As this report highlights there are consequences to this – such as affordability challenges and increasingly older first time buyers and families," Mr Bell added.
The average income multiple for a typical first-time buyer mortgage is currently at its highest ever level, the Council of Mortgage Lenders reported in June.
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