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Alliance & Leicester: Young renters can't buy

16 January 2006
Young couples and single Brits are finding it increasingly difficult to stop renting and get a foot on the property ladder, according to Alliance & Leicester.

The bank says that a quarter of young couples and single people can't afford to buy their own homes while only 13 per cent of married couples are in a position to buy the house of their dreams.

However, Alliance & Leicester says house-buying prospects could look rosier for renters in 2006.

Stephen Leonard, director of mortgages at Alliance & Leicester, said: "A new year signals new hopes and dreams for prospective homebuyers.

"The Christmas period is traditionally slow for the housing market, however this picks up again after the festive lull. The housing market continues to be buoyant so those who are looking to buy or move house should not lose hope."

A new house price index also revealed last week that the housing market is strengthening, signalling good news for buyers. The index, compiled by Acadametrics, found that house prices in the UK "continue to move on a predictable and smooth path".

However, buying a house still remains more difficult for singletons than married couples. Around 40 per cent of single Brits rent compared to 20 per cent who can afford their own pad while an unlucky third of single people are still stuck living with mum and dad.

To read more about First Time Buyer Mortgages, click here.

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