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Graduates 'optimistic about owning property'
Tuesday, 19 August 2008
Life after graduation
Graduates are optimistic about their chances of getting on the property ladder, despite their university debts, it has emerged.
A survey published by Endsleigh Financial Independent Tailoring shows that more than half of students believe they will be ready to buy their own properties within five years of completing their higher education.
However, Endsleigh claims it would take seven years for the average graduate to save the deposit needed for a £190,000 house, reports Director of Finance Online.
The study also showed that female graduates expect to earn less in their first job than their male counterparts, with 44 per cent women estimating their first salary will be below £18,000 compared with 29 per cent of men.
Commenting on these findings, James Crocker, an independent financial adviser with Endsleigh Financial Independent Tailoring, told the news provider: "Looking at the results of the survey, it seems highly unrealistic that a graduate with approximately £15,000 of debt will be able to save anywhere near enough for a deposit to buy a house within five years in the current mortgage market."
In related news, university guide firm Push has claimed the rising cost of food, travel and rent will add around £4,000 extra to student debt taking the amount many people owe to £20,000, reports the Daily Mail.