First time buyer age soaring

A recent study has shown how the average age of the first time buyer has soared over recent decades, with the younger people of today expecting to be around twelve years older than their parents were when they manage to purchase a property for the first time. The study was carried out by the Post Office and showed that the difficult economic and financial climate had really taken its toll on potential first time buyers.

Over the past few years, first time buyers have been hit hard by the problems in the mortgage and property markets. Many have been unable to afford to raise the huge deposits that lenders have been demanding and many others have been unable to get a mortgage at all due to increased restrictions and stringency from lenders, who have been exercising increased caution.

The study involved polling parents and younger people and showed that the average age of parents when they bought their first property was around twenty three whereas their kids expected to be around thirty five years of age on average by the time they managed to afford a property themselves. This would see the average age of the first time buyer soar by twelve years, with parents in the 1960s purchasing in their mid twenties and younger people today having to wait until their mid thirties. The average twenty-something of today earns around £21,000 in terms of salary, but with average property prices at £164,000 most would be unable to consider buying a property on their own.

One industry official stated: “Many would-be first-time buyers may have been put off trying to get onto the housing ladder by the size of deposits now needed. Some may be deterred by their perception of high mortgage repayments.”

Tags: first time buyer, would-be first-time buyers, average property prices, 1960s, post, recent study, GBP, Parent

Global financial job losses to be huge

According to recently released figures the number of jobs that are set to go within the global financial sector will be far greater than originally anticipated, and it is thought that around 350,000 jobs could be lost as a result of the turmoil that has wreaked havoc in the financial sector since the onset of the global credit crunch. Read more

Tags: climate, credit crunch, Global, finance jobs, 1960s

Brits increase savings 39 fold

British consumers have increased the amount they save by 39-fold since the early 1960s and by 31 per cent since 2000, according to new research.

Findings from the National Savings and Investments’ (NS&S’) Century of Saving report predicted that the savings ratio will rise in the years ahead.

However, it could be at least fifty years before the majority of Brits become regular savers.

The research also showed that gross savings have risen significantly from just £1.1billion in 1957 to £43.9 billion in 2007.

Dax Harkins, NS& I’s senior savings strategist, said: “Advances in technology, over the last half century such as telephone and internet banking, have made it easier for savers.”

He added that future developments such as Apple’s iPhone will play a part in boosting the future savings ratio by making new products possible and providing new ways from which to access them.

According to research from the Lincoln Financial Group, more than 1.8 consumers are risking their retirement savings on the stock market.

Tags: fifty, National, apple, Dax, amount, new products, 1960s, regular savers