Growing difference in property ‘have’ and ‘have-nots’

17 February 2014

Brits in the 25 to 36 year old age bracket are seeing a difference between those who own a property and those who do not. Younger Brits able to buy a home early are giving themselves a head start over their peers who have not yet stepped onto the property ladder. 
The research which was conducted by HSBC has revealed that individuals who have bought a property typically have a six year head start over those who have not. Younger Brits who purchase their first home in their 20s will usually move into their second home in their mid-thirties, however those who do not buy typically move into their first home at this age. It was also revealed that home owners who bought earlier are predicted to pay off their mortgage by age 60, whereas for later buyers this rises to 67.5.
Pete Dockar, Head of Mortgages at HSBC, commented: "This study shows postponing purchasing your first property has long term implications not just for future property ownership, but for home owners’ ability to help their own children step onto the ladder."

Brits in the 25 to 36 year old age bracket are seeing a difference between those who own a property and those who do not. Younger Brits able to buy a home early are giving themselves a head start over their peers who have not yet stepped onto the property ladder. 


The research which was conducted by HSBC has revealed that individuals who have bought a property typically have a six year head start over those who have not. Younger Brits who purchase their first home in their 20s will usually move into their second home in their mid-thirties, however those who do not buy typically move into their first home at this age. It was also revealed that home owners who bought earlier are predicted to pay off their mortgage by age 60, whereas for later buyers this rises to 67.5.

Pete Dockar, Head of Mortgages at HSBC, commented: "This study shows postponing purchasing your first property has long term implications not just for future property ownership, but for home owners’ ability to help their own children step onto the ladder."

 

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