Students saving to become first time buyers
16/01/2008
An increasing number of students in the UK are saving money with the aim of taking the first step on the housing ladder, according to recent research.
Data compiled by Abbey has shown that around 42 per cent of all current British students are saving to become first time buyers, while the same is true of only seven per cent of people who have graduated during the past decade.
In addition, only 19 per cent of students are currently saving with the aim of going travelling and ten per cent of those who took a gap year in the past decade told Abbey that they would spend their money differently if they were studying again now.
"House prices have brought in a harsh new reality for students," said Nici Audhlam-Gardiner, head of Abbey Mortgages.
"It's certainly encouraging to see that many university students are sensibly putting money aside for that important deposit on their first home."
Almost a quarter of British homeowners underestimate how much it will cost them to refurbish or renovate their properties, according to figures released recently by Halifax Home Insurance.
Data compiled by Abbey has shown that around 42 per cent of all current British students are saving to become first time buyers, while the same is true of only seven per cent of people who have graduated during the past decade.
In addition, only 19 per cent of students are currently saving with the aim of going travelling and ten per cent of those who took a gap year in the past decade told Abbey that they would spend their money differently if they were studying again now.
"House prices have brought in a harsh new reality for students," said Nici Audhlam-Gardiner, head of Abbey Mortgages.
"It's certainly encouraging to see that many university students are sensibly putting money aside for that important deposit on their first home."
Almost a quarter of British homeowners underestimate how much it will cost them to refurbish or renovate their properties, according to figures released recently by Halifax Home Insurance.
