Many UK teenagers believe they will be stepping on the property ladder before they are aged 27, despite the increasing cost of property.

A new survey by IFA Promotion discovered that 83 per cent of teenagers are confident that they will become property owners, with 56 per cent believing that they will secure their first property between the ages of 23 and 27.

However, the growing cost of homes in the UK is likely to make homeownership very difficult, especially as the average house price now stands at close to £200,000 with around 5.8 million adults admitting they are unable to afford their own home.

Just eight per cent of teenagers raised some doubts that they may not be able to become a property owner and acknowledged that they are likely to be priced out of the market.

Karen Barrett of IFA Promotion commented: "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."

He added: "Eighty per cent know nothing, or little, about buying a property or mortgages."

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