IFA Promotions: Teenagers expect to be homeowners

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IFA Promotions: Teenagers expect to be homeowners

Wed 6th Sep 2006

Owning a home is a goal for many young people, but unreachable until later in life for most according to new research.

IFA Promotions, an independent financial advice service, says that 83 per cent of teenagers want to become homeowners, despite the fact that many of today’s adults cannot afford it.

Karen Barrett, of IFA Promotion, says that part of the battle is having an understanding of the process involved and what is expected financially.

"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," she says.

"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."

The group says talking with an IFA before approaching the real estate market can help young people understand mortgages, financial options and the property market and stop them from making mistakes once they are in a position to buy.

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