Under-30s 'strive for first-time properties'

Many under-30s, including people looking to buy a house in Scotland, see owning their own homes as a priority, it has been claimed.

A new study by Alliance & Leicester (A&L) has found that people in their 20s set this as one of their key goals, while over half of people aged between 18 and 29 claim that this could be realistically achieved by the time they reach 30.

The average age of first-time buyers is now 29, according to the study, reflecting an increase from the 1990s when it stood at 28.

Richard Taylor, head of mortgage products at A&L, explained that many people hope to acquire their own property early in life, adding that under-30s feel confident about doing so, even in the face of the global economic slowdown.

He said: "Reaching 30 years old appears to be a landmark age for many people with it being set as a deadline for some major life events, like owning a property, getting married or starting a family."

First-time buyers, including those looking for Scottish property, have been found to have dipped into savings for housing deposits in order to pay for other items such as cars and holidays, according to Abbey.