GE Money Home Lending: 30-Year Comparison Highlights First Time Buyer Transformation.LONDON -- A new study comparing lifestyles and attitudes today with those of 30 years ago by GE Money Home Lending (UK) & The Future Foundation reveals the impact of a shift in social priorities in the UK, as today's twentysomethings refuse to conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" traditional family life and community, instead opting for independence, lifestyle and experience ... * Social and economic change drives a 26% increase in average age of First Time Buyer over past four decades - from 27 in 1977 to 34 in 2007 * Half as many 25-year olds see homeownership and marriage as important compared to 30 year ago, with socialising and friends now top priority * Only half of first time buyers cite living with a partner as necessary to live properly in 2007 - down from almost three quarters in 1977 (71%) * In 1977 being on friendly terms with the neighbours This article is about an Australian soap opera. For other articles with similar names, see Neighbours (disambiguation). Neighbours is a long-running Australian soap opera, which began its run in March 1985. was essential for two thirds (64%) - in 2007 less than half see this as important * Having satellite TV is 50% more important to First Time Buyers as having children, as desire to start a family almost halves to 19% * A staggering 1,436% house price inflation over 30 years leads 76% of consumers to claim first time buyer affordability is worse than ever before "The fact that taking the first step onto the property ladder This article is about the real-estate term. For the reality television show, see Property Ladder (TV series). The property ladder is a term widely used in the United Kingdom to describe an individual or family's lifetime progress from cheaper to more expensive now occurs later in life is due in no small part to economic factors such as house prices. However, our analysis also reveals that today's potential younger buyers also have vastly different attitudes, aspirations aspirations npl → aspiraciones fpl (= ambition); ambición f aspirations npl (= hopes, ambition) → aspirations fpl and lifestyles to their counterparts 30 years ago. This refusal to conform to traditional family-oriented motivations and the desire to gain independence and experience, undoubtedly delays the purchase of a first home and contributes to the ongoing affordability issues faced by these consumers." Gerry Bell, Head of Mortgage Marketing, GE Money Home Lending UK A new report published today by UK mortgage provider GE Money Home Lending, reveals the extent to which the profile of the average first time buyer has transformed over the past thirty years. The report, entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: "Life on Mars Scientists have long speculated about the possibility of life on Mars owing to the planet's proximity and similarity to Earth. It remains an open question whether life exists on Mars now, or existed there in the past. ", suggests that as well as the obvious economic factors, changing lifestyle choices are playing a significant part in delaying that crucial first step onto the property ladder, as well as contributing to the affordability stretch. House prices and affordability: There has been a staggering 1,436% house price inflation since 1977, resulting in 76% of consumers claiming today is the worst time ever in terms of affordability for first time buyers. The average first time buyer now devotes almost a quarter of income to annual mortgage payments. Changing lifestyle priorities: In 1977 the top priority for a 25-year old was buying a home and getting married. 30 years on, spending time "Spending Time" is the first single released by Christian artist Stellar Kart. The lyrics describe the band members desire to spend "more time with God". "Sometimes it’s a real struggle to spend time with God. with friends, leisure time and travel take over as the top priorities. Marriage and homeownership in 1977 have both halved halve tr.v. halved, halv·ing, halves 1. To divide (something) into two equal portions or parts. 2. To lessen or reduce by half: halved the recipe to serve two. 3. in importance for the average 25 year old today, contributing to the significantly increased age of first time buyers, marriage and parenthood. These choices often make affordability more difficult in later life - as the pursuit of life experiences and leisure increases young people's personal debt levels, whilst at the same time house prices continue to move out of reach for them. Key lifestage events - importance and average age [TABLE OMITTED] Source: GE Money Home Lending/The Future Foundation Motivations for buying your first home: The psychology of buying the first home has shifted from one linked intrinsically in·trin·sic adj. 1. Of or relating to the essential nature of a thing; inherent. 2. Anatomy Situated within or belonging solely to the organ or body part on which it acts. Used of certain nerves and muscles. with marriage, towards a choice to be independent and gain a sense of worth. In 1977 over half of first time buyers said their main motivation for buying resulted from their recent marriage, compared with just 14% in 2007. Conversely con·verse 1 intr.v. con·versed, con·vers·ing, con·vers·es 1. To engage in a spoken exchange of thoughts, ideas, or feelings; talk. See Synonyms at speak. 2. , more than half of first time buyers in 2007 said wanting a home that was their own was their main motivation for buying, compared with under a third in 1977. The changing needs of first time buyers: There has been a significant change in what first time buyers now consider to be fundamentally important to "living properly" when buying their first home, with a clear move away from marriage and community to individual development, achievement and experiences. In 1977 almost three quarters (71%) of first time buyers regarded living with a partner as an essential priority - by 2007 this falls to just over half. In addition, there has been a massive 44% decrease in those who claim that having a child is key to living happily - from 33% in 1977 to 19% today (satellite TV is seen as more essential). Perhaps the most revealing statistic statistic, n a value or number that describes a series of quantitative observations or measures; a value calculated from a sample. statistic a numerical value calculated from a number of observations in order to summarize them. is the fact that the number of first time buyers that regard being on friendly terms with neighbours as important has dwindled by almost a third. First Time Buyers: living "properly" now and then [TABLE OMITTED] Source: GE Money Home Lending/The Future Foundation How the first home is bought: The picture of who people buy their first house with has changed somewhat over the last 30 years. The proportion buying with their husband / wife has seen a huge decrease since 1977 from 80% to just a third today with some 28% of first time buyers in 2007 buying on their own - almost double the proportion that did in 1977. In addition a staggering 51% of all First Time Buyer now receive some form of financial support from parents or grandparents grandparents npl → abuelos mpl grandparents grand npl → grands-parents mpl grandparents grand npl . Gerry Bell continued: "This report has uncovered Uncovered may refer to:
"However what has to be acknowledged is the fact that younger people are increasingly choosing to reject the more traditional path of family and community and choosing independent living and experience. As this report highlights there are consequences to this - such as affordability challenges and increasingly older first time buyers and families. "What the research undoubtedly illustrates, however, is that the UK is a diverse and rapidly changing market which will continue to pose challenges for buyers - particularly those seeking to buy their first home." Notes to editors: -Regional data available on request -Broadcast spokesperson available on request About GE Money Home Lending: * With assets in excess of $26billion GE Money Home Lending is a one of the UK's leading specialist lenders. Through its First National and igroup brands it offers a range of specialist mortgages and flexible unsecured loans Unsecured Loan A loan that is issued and supported only by the borrower's creditworthiness, rather than by some sort of collateral. Notes: Generally, a borrower must have a high credit rating to receive an unsecured loan. for the home improvement and holiday ownership markets. * GE Money Home Lending's products are sold through a national network of carefully selected and accredited accredited recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria. accredited herds cattle herds which have achieved a low level of reactors to, e.g. intermediaries, including packagers, mortgage brokers, credit brokers and independent financial advisers. * Branded lending is a major part of GE Money Home Lending's distribution strategy and it currently has over 17 key partnerships, which include TMT TMT 1 Tarsometatarsal 2 Thermomechanical treatment 3 Treatment, see there , PINK, and Optoma. The Future Foundation The Future Foundation is a leading international consumer think-tank and strategic consultancy. Specialising in understanding socio-economic change and consumer behaviour, the Future Foundation provides intelligent research, analysis and commentary. Our research and analysis is used in development of new products and services, to inspire marketing and communications programmes, and to instil in·still also in·stil tr.v. in·stilled, in·still·ing, in·stills also in·stils 1. To introduce by gradual, persistent efforts; implant: "Morality . . . awareness of the wider operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. throughout client organisations. Our current clients range across most sectors and in many countries, they include over 140 organisations including financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , manufacturing, automotive through to advertising agencies and government departments. |
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