Graduates facing property struggle
Graduates are increasingly being squeezed out of the property market, with more than half unable to afford their own home, research has shown.
Around 56% of people who graduated from university during the past 10 years have yet to get on to the property ladder, 3% more than last year, according to Scottish Widows Bank.
Seven out of 10 of those who have yet to buy their own home said house prices were too high for them to be able to afford anywhere, while 58% claimed they did not earn enough.
Nearly one in five graduates claimed they would not be able to afford mortgage repayments if they bought their own place and 27% said they could not afford to save for a deposit.
Only 18% of those questioned said the reason they had not bought their own home was that they did not feel ready to make the commitment.
The problem of getting on to the property ladder does not just affect recent graduates, with a quarter of people who graduated 10 years ago still not owning their own homes.
The group found that the average price a graduate paid for a property was now £122,045, 14% more than last year, rising to £179,228 in London.
Debt is an issue preventing many graduates buying their first home, with students owing an average of £10,361 when they graduate.
Saving for a deposit is also a problem, with the average graduate first-time buyer putting down £16,666 towards their first home, with those in London finding £26,536.
One in 10 graduates said they did not think they would ever be able to afford to buy their own place and 4% thought it would take them at least 10 years to get on to the property ladder.