Graduates are more likely to get onto the property ladder
Home ownership is an issue which many people in the UK property market are finding difficult at the moment thanks to the high price a deposit and the fact that it can be harder to convince lenders to part with their money, especially to first-time buyers.
However, those who are off to university this month for the first time may take heart for the future in the fact that there is a far higher chance of being able to get a foot on the property ladder for people who have gone through higher education and graduated with a degree.
According to a new report from Rightmove, some 69 per cent of people who are likely to be getting their first properties for sale this year will be university graduates, with this figure being made up by 39 per cent of all homeowners who have a bachelor's degree and 30 per cent who have a postgraduate qualification of some kind.
It also seems that those who attend university are able to afford to purchase a house at a far earlier age, with school leavers having to save for an average of two years longer to be able to afford the purchase of a house.
The average age that a graduate will buy a home at sits at 30-years old, while those who have gone straight into work will need to wait until they are 32.
However, those who have a postgraduate degree will not be able to buy until they are 33 on average, mainly because of the unusually long time it can take to obtain a doctorate.
Miles Shipside, director and housing market analyst at Rightmove, said: “In today’s market, getting a degree under your belt is a common pre-requisite among the constrained numbers who make it onto the housing ladder. Studying for a degree also seems to increase the chances of buying sooner. Joining the world of work straight from school may start your earning career a few years earlier, but in the current housing market it seems the downside is that it may delay being able to satisfy your home-ownership aspirations.”
Posted at 04:50 04/09/2012