A recent report from Bradford & Bingley has found that around half of prospective first time buyers are so scared about taking on a mortgage and buying a home, that they've given up hope of ever buying a property.
The study has found that although 37% of first time buyers want to stop paying rent, thinking it a waste of money, 43% are scared to get onto the housing ladder due to the financial commitment and the mortgage process. Forty six per cent of prospective owners are in debt of around £8,000, and 16% owe more than £16,000, mainly on credit cards and student loans.
The report also shows that only 13% are prepared to pay off their debts before buying a property, while one in ten would consider getting further into debt by furnishing their home using credit!
Our view
Most of our grandparents had to wait and save to get on the property ladder - so should the younger generation. This is is just a huge property affordability cycle that has come around again after thirty or so years.
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