UK renters financially better off than buyers |
03 2008 |
| Young people renting a home in the UK are less likely to be starting the New Year with major financial worries in comparison to their counterparts who have attempted to get their feet onto the property ladder, new figures show. At present, the under 25s account for some of the largest debts in the whole country, with the average amount owed by this age group now standing at £16,351, according to the latest report from Credit Action. However, while homebuyers within this 'iPod Generation' are £20,290 in debt, those who have opted to rent owe just £12,113. At the same time, the Council of Mortgage Lenders (CML) has reported that the average new mortgage for a first-time buyer now amounts to £118,750, equivalent to more than 3.3 times the average income, with the Bank of England warning that many have left themselves vulnerable by borrowing too much in a bid to buy.  |
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