Sep 5 2006
Young people in Britain today have overly-high expectations when it comes to home-buying, new research claims.
IFA Promotion reports that 83 per cent of teenagers believe they will at one point own a property, with 56 per cent hoping to do so before they reach 27.
Currently in the UK millions of adults struggle to get onto the property ladder and the average age of a first time buyer in the UK is 34, the study says, warning that "without the ability to budget and save" these housing dreams will not come true.
Karen Barrett, marketing director of IFA Promotion said: "The British obsession with owning your own home clearly starts young but the unrealistic expectations are coupled with a shocking lack of knowledge about the home buying process."
Engage Mutual Assurance recommends that parents and grandparents invest in a child saving plan which will give young people a tax-free lump sum that can be used for a deposit when they are old enough to consider purchasing a house
For more information on Engage's saving plans, please check our free brochures page.
