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Graduates still looking to move into property market
Tuesday, 23 October 2007
Life after graduation
Thousands of UK students are looking to buy a property in the town or city they are studying in, a new study has found.
The survey, undertaken by Abbey, discovered that 154,000 students hoped to purchase a property in their university town, while 88,000 already do own a house or flat.
And 66,000 hoped to buy a property in the area they were currently studying in, either whilst at university or after graduation, with another 44,000 having parents who were looking to buy them a house or flat to live in.
Nici Audhlam Gardiner, head of mortgages, Abbey, said: "Britain's student population continues to be a source of income for buy-to-let property investors, many of whom are parents of the students or the students themselves.
"The key issue with any mortgage, but a buy-to-let one in particular, is affordability. People considering it need to make sure that they can afford the mortgage payments plus any maintenance costs, service charges and down-time between tenancies that they will also need to cover," she added.
A recent survey undertaken by Scottish Widows revealed that more than half of graduates are unable to afford their own home, with seven out of ten stating house prices were too high for them to buy their first property.