UIA Insurance News

Home insurance news: First-time buyers 'may have to wait until their 30s'

Home ownership may not be possible until buyers are in their 30s, according to one expert ? but getting cheap home insurance may help avoid unnecessary costs for savers.

According to figures produced yesterday by Rightmove, 25.8 per cent of properties were taken up by first-time buyers last quarter, compared to around 40 per cent in a healthy market.

Jane Marr, director at the Little House Company, said the need for sizeable deposits was the main problem for those looking to enter the market.

"I can foresee the situation where people in their 20s do not consider homeownership and that it will only become a realistic goal once in your 30s, as your pay increases and you have had longer to save," she added.

Ms Marr highlighted the average deposit currently paid - around 25 per cent ? is the highest since 1974, but she suggested lenders would be less strict in the coming months.

As many potential homeowners continue to rent while saving for a purchase, they should ensure house insurance is up to date to prevent any potential accidents or thefts from hitting saving plans.

By Mary Watts

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