IFA Promotion: Teenage dreams far from reality of home purchase

06 September 2006
Despite the majority of teenagers hoping to buy their first property between the age of 23 and 27, many will not be able to afford to make the financial commitment so soon.

The average age of a first-time buyer in the UK is 34 and nearly six million British adults claim they cannot afford to purchase a property at all.

Yet, despite these stark figures highlighting the difficulties of home ownership, just eight per cent of teenagers believe it may be possible that they never own a house.

"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," cautioned Karen Barrett of IFA Promotion.

"The need for advice is palpable and arguably it is the first-time buyer who would benefit from independent financial advice the most, so we urge first-timers to make their mortgage choice a priority and ensure they visit an IFA for advice."

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