Property 'Key Goal For Under 30s'

Owning your own home has been identified as a major priority for Britons under 30, according to a new study.

Alliance & Leicester research has found that more than half of 18 to 29-year-olds believe buying a property is an achievable goal before they hit 30. Getting married was another big priority picked out by close to half of people in the demographic, the study found.

Despite any possible effects of the credit crunch, the financial services firm pointed out that buying a property before reaching their 30s is a manageable goal for many Britons. It has been revealed in other research that the typical person currently taking their first step into the housing market is 29 years of age. However, this figure represents an increase from the average age of 28 recorded during the early 1990s.

Meanwhile, Alliance & Leicester indicated that two-thirds of existing homeowners state to have got on to the property ladder before reaching their fourth decade in life.

The study also showed that one in two 18 to 29-year-olds are looking to rent a property with their partner.

The head of mortgage products at Alliance & Leicester, commented that Britons see 30 as a "landmark age". He said that it is "a deadline for some major life events, like owning a property, getting married or starting a family".

He added: "Those aiming to get on to the property ladder need to do some background work and consider professional advice to establish exactly what they can afford to buy and to plan a budget in order to manage their new monthly mortgage payments."

The mortgage expert went on to claim that as significant numbers of young people have major economic goals, the "financial aspect of purchasing a first home becomes ever more critical". He asserted that it is crucial for 20-somethings wanting to buy a home in the coming years to ensure that they save a sufficient amount for a property deposit.

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