Research for Alliance & Leicester suggests that just one in eight newly married couples can now afford to purchase a house. A quarter of those who are currently living in rented accommodation would like to buy but cannot afford it, while the remainder say they will simply carry on renting. However, for single people, only 6% think they could buy a house, even though a quarter would like to but cannot afford it.
According to Stephen Leonard, director of mortgages for Alliance & Leicester, about 58 percent of first time buyers are looking to spend less then £120,000, whereas the average cost of property in the UK is now £144,509. This is based on a survey carried out by RSGB Omnibus during April and May 2005.
