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Loan claims: Brits 'less likely to want to buy a house'

Increasing financial difficulty could be making Brits averse to incurring credit card charges and this might be impacting their willingness to buy their first home.

A study from MoneySupermarket.com revealed the average resident of the UK now expects to be able to purchase a property when they are 37 years old.

Furthermore, difficulty making a loan claim or receiving finance could have resulted in more people not wishing to buy a house at all, with 41 per cent of respondents stating they do not intend to.

Currently, there are 1,337 mortgage products available for first-time buyers, which is 187 less than the same time last year.

In July 2007, there were 14,940 of these products available.

"Rising living costs are also making it harder for aspiring first time buyers to save that all-important deposit," mortgage spokesperson at MoneySupermarket.com Clare Francis said.

Figures from the Office for National Statistics reveal the average house price in the UK reached £224,473 in February 2012, representing a 0.3 per cent annual increase.

Jennifer Haines
Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-801347927-ADNFCR



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