Londoners delaying property purchases longer

02 October 2006
Over a third (35 per cent) of Londoners under the age of 25 do not expect to be able to leave home until after their 25th birthday, according to the findings of engage Mutual Assurance.

This compares to a UK-wide figure of 28 per cent, suggesting that residents in the capital are less able to support themselves financially and still fly the nest.

Londoners are also 50 per cent more likely to wait until they are in their 30s to wed as a result of the financial implications of a ceremony - over a third (39 per cent) will wait until they are over 30, compared to a quarter nationally (25 per cent).

"These results reveal how increasing financial pressures in modern Britain are leading people to re-evaluate their aspirations," said Karl Elliot, a spokesperson for engage Mutual Assurance.

"Money is often a key determinant in deciding when the time is right for young adults to move out of home, get married or buy their first property."

Mr Elliot claimed that the extended period of youth of today's younger generation was placing a further financial burden on families and that several solutions, including low-cost loans or, for those with greater foresight, high-interest, long-term savings, could ease the pressure.

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