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Buyers are bargain-hunting says Alliance & Leicester Mortgages

27 September 2005
Over 1.3 million UK house-buyers are hoping to pay less than the national average for their new home, according to Alliance & Leicester Mortgage's quarterly index, movingimproving.

The survey showed that almost three-quarters of buyers expected to pay less than the national average of £184,152 for their homes.

Head of mortgages at Alliance & Leicester, Paul Cooper, said: "With mortgage repayments being one of the biggest costs a homeowner faces, it is easy to see why so many people are looking to take advantage of the current low interest rates.

"The proportion of borrowers looking to change their mortgages has fallen from almost one in four (23 per cent) in February to almost one in five (19 per cent), this may reflect the fact that many borrowers have already arranged a new mortgage deal."

The index also found that first-time buyers are more confident about their ability to afford a property and some are even prepared to pay more for their dream home.

Fifteen per cent of first-time buyers plan to invest between £184,000 and £250,000 in a property.

However, despite the exuberance of the new buyers, one in four people in their twenties still live at home, with men 50 per cent more likely to still be living with their parents.

Women in their 20s chose to rent much more often than their male counterparts.

Not surprisingly, London's high house and rental prices meant that more young people lived at home than in any other region.

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