Young house buyers priced out of the market

New figures just released show that young house buyers are at a record low with 18 to 30 year olds collecting the keys to just 3% of all properties sold last month.

This is in stark contrast to the 12 percent figure we saw in August last year as concerns grow about the tougher mortgage reforms introduced this year.

The report published by the National Association of Estate Agents highlights the fact that the door is closed to a generation of young people who are struggling to get on the property ladder.

Hot on the heels of figures from the Office of National Statistics, it has been reported in the Mail Online that a record 3.3million people aged 20 to 34 still live at home with their parents.

Managing Director of the NAEA, Mark Hayward told reporters, "Things are getting even tougher for first-time buyers".

"Reforms to the mortgage market have made it harder for younger people either joining or moving up the property ladder to have a home loan approved".

Critics of the harsher mortgage application scheme say that the intrusive questioning borrowers now face about their outgoings and employment history has led to the severe drop in mortgage approvals being granted.

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