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Mortgages more popular than gap years

Wednesday 16th January 2008

British students are finding it harder to justify spending their money on a gap year as affordability in the property market worsens.

According to research from Abbey Mortgages, 42 per cent of students say they have already begun saving money for their first home while 19 per cent are saving to go travelling.

One-in-ten graduates who financed a gap year in the last decade said they would not have made the same decision today, given the difficulties for first-time buyers.

Nici Audhlam-Gardiner, head of Abbey Mortgages, said: "They now need to weigh up the benefits of travelling against jumping straight into a career and being able to afford to get onto the property ladder.

"It's certainly encouraging to see that many university students are sensibly putting money aside for that important deposit on their first home," she added.

Only seven per cent of graduates over the last ten years said they had saved money towards a house deposit while they were studying compared to 42 per cent today.

Richard Aylen

© Copyright 2007

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