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Youngsters not deterred by high house prices

The UK’s obsession with property begins at an early age, with 95 per cent of teenagers planning to become homeowners, acc-ording to research by IFA Promotion.

Half of teenagers believe they will buy their first property with their partner while 29 per cent of males and 20 per cent of females say they intend to own more than one property.

Half of teenagers say they would ask their parents for advice on a mortgage, with 15 per cent saying they would get specialist advice from a financial adviser.

IFAP is producing a free mortgage factsheet aimed at the first-time-buyer market that addresses issues such as how to find the most suitable mortgage, choosing between repayment and interest-only and where to get advice.

IFAP chief executive David Elms says: “The lack of affordable property for first-time buyers has not affected the deep-rooted desire to own property among young people. Len-ders are heavily competing for borrowers’ business which means there are plenty of options for would-be homeowners.”

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