British teenagers prefer property to beer

25 February 2005
A new report from IFA Promotion has revealed that the majority of UK teenagers want to own their own property - and would even give up nights out to afford it.

The survey found that 95 per cent of teenagers want to own their own home, with eight out of ten wanting to make their first purchase in their 20s.

Almost half the teenagers questioned was willing to cut down on socialising to afford a home - and one in three would actually postpone plans to travel the world in order to get a foot on the property ladder.

The young people's positive, ambitious attitudes to property ownership come despite recent indications that market conditions are becoming ever more difficult for first-time buyers.

Reports this week from the Council of Mortgage Lenders and the housing charity Shelter revealed that property is now 60 per cent more expensive than ten years ago.

"The lack of affordable property for first-time buyers has not affected the deep rooted desire to own property among young people," said David Elms, chief executive of IFA Promotion.

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