27-07-2007
Graduate first-time buyer outlook is bleak
Graduate first-time buyers are still facing a number of difficulties in gaining a place on the property ladder, a study has revealed.
According to the results of a survey by Scottish Widows Bank, 19 per cent of would-be graduate first-time buyers believe they would not be able to afford mortgage repayments were they to take the plunge.
Indeed, the Scottish Widows Bank Graduate First Time Buyer report found that 70 per cent of respondents believe the issue of affordability to be a significant barrier to homeownership.
"It is encouraging that Gordon Brown and the opposition parties are putting so much emphasis on affordable housing for first time buyers, but there is still much to be done to make the market more accessible," said Richard Clark, head of product development and marketing at Scottish Widows Bank.
The number of graduates who have still not purchased their first home has increased since last year to 56 per cent.
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