Industry News
Graduate debt 'delaying home ownership'
Posted on 23rd November 2007
Graduates are leaving university so in debt that it is preventing some from buying their first home, a new report has claimed.
A survey by Scottish Widows Bank found that 56 per cent of those who graduated in the last ten years do not yet own their own home.
Of those that do, 72 per cent had pooled funds with a friend, partner or family member to make the purchase.
It discovered that graduates have an average debt of £10,586 as a result of university fees and the cost of living, which combined with high house prices to put many off buying their home.
A recent survey by Halifax found many parents are paying for their children's university education, with 31 per cent claiming any funding they provided would be to help their child avoid a student loan.
It discovered some parents were willing to put off plans to refurbish their homes or to go on holiday in order to help fund their children's university costs.
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