Students more upbeat about buying homes

Students are optimistic about their chances of getting on the housing ladder, Scottish Widows Bank’s 2005 graduate survey reveals.

The survey shows that while an underlying gloom still hangs about the prospects of buying a property the overall pessimism rate is down, with graduates exploring different ways of buying properties.

Some 60% of graduates say that buying a part of a property either with friends, family or via a shared equity scheme funded by the government or a lender is the most viable option for getting on the property ladderMurdo McHardy, senior manager of product development at Scottish Widows Bank, says: “Initiatives introduced by lenders and the government featured highly in this year’s results. But most noticeable is the degree of pragmatism among graduates who now not only appear to be less concerned about student debt being a barrier but also more willing to consider partial ownership of a property.

“Getting on the property ladder doesn’t necessarily mean owning 100% of a property in your own name.”

The research also shows that graduates continue to rely heavily on the bank of mum and dad after university, whether this assistance comes in the form of providing accommodation back in the family home while the graduate saves for a deposit, helping when it comes to the deposit or acting as a guarantor.