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Whole generation 'excluded' from housing ladder

Tuesday, 12 October 2010 2:00 PM

An entire generation could miss out on their chance to get on the housing ladder, according to new research.

The number of 90 per cent mortgages taken out has plummeted by 89 per cent since 2006, claims a study by Genworth Financial.

This type of mortgage, which is usually associated with first-time buyers, has diminished in popularity from 245,000 in 2006 to just 28,000 in 2009.

Research indicates that the housing market could take up to a decade to recover, meaning that an entire generation could be missing their chance to get on the property ladder.

In addition, first-time buyers under 30 years of age who purchase a home with assistance from family or friends now make up 80 per cent of the first-time buyer category.

There has been no decline in the number of these buyers active across the property market. Rather, it is those without sufficient financial support or savings that are struggling to secure a foot on the property ladder, forcing them to stay with friends and family or rent.

Almost a quarter of Brits still lived with their parents in 2009, with 59 per cent saying that it was due to cost, according to a OnePoll survey.

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