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First-time homeowners situation improves

While many young adults are struggling to buy their first home, the situation for first-time homeowners is improving.

Figures from our data warehouse which details clients’ circumstances show that fewer homeowners in their twenties are seeking our help, down from 4,489 in 2009 to 3,008 in 2011. 

The number of homeowners in mortgage arrears in their twenties has almost halved over the past two years. Only 816 clients in their twenties had mortgage arrears in 2011 compared with 1,344 in 2009.

There has also been a dramatic improvement in the household budgets of our homeowning clients in their twenties. They have gone from having a budget deficit of £15.02 in 2009 to having a budget surplus of £63.42 in 2011. 

The budget situation of our homeowning clients in their twenties with arrears has improved too, rising from a budget deficit of £239.40 in 2009 to one of  £113.78 in 2011.

These improvements are probably down to low interest rates which have seen average monthly mortgage payments for homeowning clients in their twenties going down from £543.92 in 2009 to £471.61 in 2011. 

Although many young adults are struggling to get on the property ladder, the outlook is more positive for those that are already on it. Nevertheless, this is not a time for complacency as there are multiple pressures attacking their ability to pay their mortgage and many will buckle under the pressure of rising interest rates.

StepChange Debt Charity new contacts

Contact the the StepChange news team on:

Tel: 0207 391 4583

Mobile: 07507 880 478

Email: press@stepchange.org

Follow our press team on Twitter: @StepChange Debt CharityPressOffice

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Helping you become debt free...

“I wish to thank your staff for all the great help they gave me when I was in so much debt.
They were a pillar of support to me.” (Leslie, Essex)

Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

*This is the average rating of our service on Feefo by DMP and DRO clients three months into their solution.

© StepChange Debt Charity 2016