There’s No Place Like Home
Students are putting their gap year dreams on hold thanks to rising house prices, according to a new survey.
Over 42% of students are saving their pennies towards the deposit on their first home, according to figures released by Abbey Mortgages. That’s more than twice the number of students who are saving up for travel after graduation.
Even previous gap year travellers believe that taking time out would be risky in today’s market. The research shows that one in ten graduates who took a gap year within the last ten years claimed that house prices would stop them jetting off now.
Commenting, Nici Audhlam-Gardiner, head of Abbey Mortgages, says: ‘House prices have brought in a harsh new reality for students.’
The results suggest that students are increasingly preoccupied with improving their chances in the housing market, despite recent reports that UK house prices are falling. The number of students saving up for their first home is six times as high as it was ten years ago, according to the survey.
Audhlam-Gardiner continues: ‘[Students] 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.’
Want to hear the other side of the story? Look out for the Gap Year feature in our March issue, which explains how taking time out can give you a career boost.
Available from 10th March 2008.