Young Brits 'see owning property as aspiration'

17/06/2009 12:37

Many Britons aged between 18 and 24-years-old are continuing to rent property rather than buy their first house.

Peter Braithwaite, chairman of DTZ Residential, said this was because many young graduates were still paying off their student loans and so owning a house continued to be an aspiration.

Instead, renting was proving to be the practical solution for such people, he added.

"Students are now starting to face up to the repayment of student loans during their early years of employment and prices, despite their recent falls, still remain high for would be first-time buyers," he stated.

However, when the time comes for young Britons to buy their first home, cheaper gas and electricity bills may be a priority.

The Energy Saving Trust claims that when looking for a house to buy, consumers should find out how much it costs each year to heat.

It adds that if the property is not insulated then a third of heat could be lost.
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