Most of the UKs youth believe they will own their own home, buying their first property between the ages of 25 and 30, according to UCB Home Loans.
However, the specialist lender of Nationwide says although the desire to own property is strong, 32 per cent of respondents say they would rather live abroad than buy a home in the UK.
A survey of 1,000 16-21 year olds conducted by UCB found that 92 per cent of respondents would prefer to own the property they live in when they are older, rather than rent.
Two thirds – 66 per cent – believe they will be between the ages of 25 and 30 when they buy their first home, with the average age being 27.
UCB Home Loans managing director Keith Astill says: 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.
The age at which people make their first purchase of a property has also been rising over recent years, and a large proportion of those who are hoping to buy their first property by the age of 27 will not be in a position to do so. Latest figures from the Council of Mortgage Lenders show that the average age of a first-time buyer is now 34.