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Hometrack: Property market seeing 'change of attitude'

29 April 2006
Online property and mortgage specialist Hometrack has noticed a significant shift in how the younger generation feels about buying a home.

First-time buyers in particular expect to have to rent a house for longer and buy later, the website suggests.

"First-time buyers are realising that they won't be able to buy until they are older," said Richard Donnell, director of research for Hometrack. "The obsession [with owning a property] has been tempered by the reality of pricing."

Mr Donnell also noted that people are getting married much later in life and as a result this has led to a reduction in the number of people taking out a mortgage.

Recent research suggests that many couples see a mortgage as a bond similar in strength to wedding vows.

He said that there had been a dramatic "change of attitude" among the younger generation when compared to the way the older generation viewed the house-buying process.

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