Property ownership 'an aspiration for young people'

Article date : 17/06/2009

Written by Jasper Cullen

Young people aged between 18 and 24-years-old in the UK see owning their own property as an aspiration and renting as a practical solution, one sector commentator has claimed.

Peter Braithwaite, chairman of DTZ Residential, said that graduates who were now making an income were still paying off their university loans which meant that, despite recent falls, property prices were still too high for many.

He added that due to this many young people were likely to keep renting, rather than look for a first home to buy.

"In the longer term, ownership is so enshrined in the UK property market that it will be a major change if renting becomes far more acceptable," Mr Braithwaite noted.

First-time buyers who feel ready to take the plunge may be interested to hear advice from the Energy Saving Trust.

The group recommends that when viewing a property particular attention should be paid to the boiler as if it is older than 15 years it will soon need replacing, ideally with a condensing boiler.

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