First time buyers under 25 have slumped to their lowest level for at least 20 years according to figures from the Council of Mortgage Lenders (CML). There were about 70,000 first time buyers aged between 18 and 24 in 2003, down from 87,000 in 2000, 117,000 in 1994 and a high of 201,000 in 1988. The number of first time buyers of all ages fell to 396,000 in 2003, the lowest level since 1992. The CML has also found that growing numbers of people are delaying buying a house with 50,000 people aged 45 and over buying for the first time in 2003. The CML said there was evidence that many young people had scaled back their expectations for when they could get on to the property ladder. But home ownership remains the long term preference for about 80% of young households. (The Guardian)