Young adults "will own home by 27"

12 January 2006
The majority of young adults in the UK believe they will eventually own their own homes, with many believing it will be possible between the ages of 25 and 30.

According to research from UCB Home Loans, the specialist lender of Nationwide, 89 per cent of 16 to 21 year olds believe they will actually own their own property at some point with those in education more likely to see this scenario happening than those in employment.

These future property moguls also think that they will be between the ages of 25 and 30 when they make their first property purchase. However, UCB Home Loans managing director Keith Astill said the generation is quite disillusioned.

"Whilst 92 per cent of the young people interviewed want to own their own home when they are older, it is likely that some of them will never actually make it," he explained.

"Statistics currently show that approximately 70 per cent of the UK population own their own homes."

Mr Astill added that the age at which people are making their first purchases has been rising over the past few years.

"Latest figures from the Council of Mortgage Lenders show that the average age of a first-time buyer is now 34," he said.

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