The results of a survey conducted in eight countries for Genworth Financial was released today and contains some interesting findings. The survey was conducted on existing home-owners as well as people that said they were potential first-time home-buyers in eight countries; U.S., U.K., Ireland, Italy, Australia, Mexico, Canada and India.
International Highlights:
- Almost half of all Australian home-buyers overpay their mortgage
- Almost half of all Canadians were positive about the outlook for the economy and housing market
- Indian home-buyers are generally upbeat about the economy and their personal finances
- The Irish had a generally negative perspective on the economy and their personal finances.
- Two-thirds of Italians would like to buy property now but said they are not in a financial position to do so.
- Housing shortages in Mexico have resulted in a fall in affordability, with the average age of a first-time home-buyer over the last decade rising to 33 years
- Despite being more optimistic than average in regards to the property market, UK respondents will not actively enter the market in the next 12 months and first-time home-buyers are increasingly being priced out of the market
U.S. Highlights:
- More than half of Americans surveyed are nervous about how the economy will perform in the coming year
- Nearly two in three feel that now is a good time to buy a home.
- The average age at which a borrower is able to purchase their first home has increased from 27.3 years during the 1970s to 31.6 years in the 2000s.
Source: Genworth Financial
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