Over half of graduates are unable to get on the property ladder, according to research out today.
It found that 53 per cent of graduates are unable to buy their first home, that 62 per cent of graduate first time buyers bought with a partner – 68 per cent of whom would not have the ability to buy them out.
Almost one in ten graduates do not think they will ever be able to buy a house, while the average graduate first time buyer deposit is £16,219.
The research from Scottish Widows Bank showed that unaffordable house prices is the main thing preventing them getting on the ladder.
Scottish Widows Bank head of product development and marketing Murdo McHardy says: “Our report has yet again revealed that graduates are not finding it easy to get on the property ladder with house prices continuing to rise and first time buyers being unable to save for that deposit.
“Even for those graduates that are able to get on the property ladder, many are relying on buying with partners and are then not in the position to buy them out if problems arise.
“This leaves graduates in a real catch 22 situation – do they wait until they can buy on their own or do they buy with a partner when they are not quite ready? With no exit route in place, graduates need to be fully aware of the size of the commitment involved in buying with someone else.”