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Almost three in 10 people in their 20s set to buy a home

Almost three in 10 people in their 20s plan to buy a house within the next two years while older people are putting off plans to move, according to research from Alliance & Leicester.

Its latest quarterly moving-improving index says despite reported house price increases and predictions of double-digit house inflation, younger buyers have not been deterred from buying, with 29 per cent of people in their 20s planning to make the move.

The research asked 4,000 people whether or when they intended to buy a new home. It found that only 8 per cent of Britons in their 50s are planning a move and only 2 per cent in their 60s.

It says younger people are driving the housing market and, with 81 per cent of homebuyers in their 20s buying for the first time, getting on the property ladder is still within reach.

A&L claims this may dispel the myth that first-time buyers are hit hardest by house price increases or are being sque-ezed out of the housing market by a surge in demand for buy-to-let properties.

Head of mortgages Paul Cooper says: “The spring months usually signal the start of the homebuying season for first-time buyers. Our findings suggest we could be set for a record year in mortgage activity for these buyers. These findings also suggest that house price rises are not stopping first-time buyers from getting on the property ladder.”

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