Mortgage Industry News

← Back

Men hold off on first mortgage

Date: Mon, 04 Jul 2005

Single men are staying at home longer and also buying their first home later, new research by Halifax has revealed.

According to the Office of National Statistics, in 2003, 56 per cent of men and only 37 per cent of women in England aged 20 to 24 lived at home with their parents. Some also choose to move away but still rely on a parents income mortgage.

This is an increase from the 50 per cent of men of the same age who lived at home in 1991.

In addition, the number of single males buying their first home was only 26 per cent in 2003, the lowest level recorded between 1992 and 2003, where the highest level was 31 per cent.

Craig Donaldson, head of mortgage products at Halifax, said: "Much is made of the growing independence of single women today, but research highlights the growing plight of her counterpart.

"Whilst young women are enjoying their new found financial freedom, young single men are not only choosing to leave the parental home at a later age, live in shared, rented accommodation for longer, but are also buying their first home later."

(C) DeHavilland Information Services plc, 1998-2003.

© 1998-2005 DeHavilland Information Services plc. All rights reserved.

Endsleigh Insurance Services Limited is authorised and regulated by the Financial Services Authority. This can be checked on the FSA Register by visiting its web site at www.fsa.gov.uk/register.
Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.