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Graduates 'concerned about prohibitive property prices'

10/10/06

Almost half of the UK's graduates believe that they are not in a position to buy their first home within the next two years, according to the latest figures.
 
A survey conducted for the third annual Scottish Widow Bank Graduate First Time Buyer report indicates that 46 per cent of university leavers anticipate that they will be able to buy a house in the next two to ten years.
 
This trend could potentially lead to a reduction in the number of graduates investing in homes and ultimately looking for a home insurance quote.
 
Moreover, the report suggests that 64 per cent of respondents blame rising house prices for their inability to afford a property.
 
Consequently, it is thought that many first-time buyers may be looking to buy a house and take out home insurance cover in tandem with a partner, which could potentially lead to new financial problems if the relationship breaks up.
 
"Our report has yet again revealed that graduates are not finding it easy to get on the property ladder with house prices continuing to rise and first-time buyers being unable to save for that deposit," said Murdo McHardy, head of product development and marketing at Scottish Widows Bank.
 
"Even for those graduates that are able to get on the property ladder, many are relying on buying with partners and are then not in the position to buy them out if problems arise."
 
Meanwhile, recent research suggests that the average graduate could soon face greater debts than any previous generation in living memory.
 
A report from credit reference agency Callcredit estimated that the average student, who entered first year this autumn, will accumulate leaving debts of approximately £15,000.

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