FTBs priced out of the market

Many first time buyers (FTBs) are being priced out of the UK housing market, according to new research from Endsleigh.

The firm has published a study which shows that 65 per cent of young professionals under 30 do not own their own property.

Further to this, only half of people aged 31-35 years own a home and most put it down to the fact that housing is simply too expensive.

Of those under the age of 30 who took part in the survey that do not own a house, 66 per cent blamed it on the costs associated.

"Huge numbers of young professionals across the country are finding it simply too expensive to get on the property ladder and are choosing to rent, or live with their parents, into their 30s as a result," said Stuart Wartalski from Endsleigh.

"Our specialist policy for those in rented accommodation is proving more popular than ever before and it's clear from our research that this is reflective of a broader social trend.

"Although there are still great aspirations to own, especially from those in their early 20s, the fact is that the cost of buying is forcing people to continue to rent - and some in their 30s have even given up on the idea of buying altogether," he added.

The latest Nationwide house price index revealed that monthly price inflation reached 1.1 per cent in October.

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