First-time buyers (FTBs) across the UK may require mortgages in order to get their foot on the first rung of the property ladder by the time they turn 30.
This is because new research released by the Building Societies Association (BSA) has found more than 80 per cent of 18 to 24-year-olds aspire to own their own home before they reach this milestone.
In addition, 94 per cent of young people questioned claimed they would like to purchase a dwelling prior to their 35th birthday and 75 per cent of respondents hope to be a homeowner during their 20s.
According to the study, 69 per cent of those quizzed stated raising a deposit is a significant barrier when purchasing an abode – up from the 62 per cent recorded in June.
Paul Broadhead, head of mortgage policy at the BSA – which represents all 48 building societies in the UK – said: “It is encouraging to see that the aspiration to buy is still strong among young people.”
