The hard reality of the modern housing market has yet to damage the youthful optimism of the younger generation, new research from IFA Promotions has found.
Despite 5.8 million adults saying that the property ladder remains out of their reach, the vast majority of teenagers ñ 83 per cent ñ say that they expect to be homeowners.
More than half of all these ñ 56 per cent ñ also say that they will own property by the time they are 27, seven years earlier than the current normal earliest age of 34.
Other expectations may be due to simple youthful ignorance however, such as the lack of recognition among 79 per cent that homeownership is likely to be a financial burden.
“The need for advice is palpable and arguably it is the first time buyer who would benefit from independent financial advice the most,” said Karen Bartlett of IFA Promotions.
“We urge first timers to make their mortgage choice a priority and ensure they visit an IFA for advice.”
The adult reality of finding the best mortgage rate may make the youthful dream of property ownership more achievable, said IFA Promotions.
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