Friday, 01 August 2014

British teens expect to own house by 25

More than half the UK’s teenagers expect to be able to buy a home by the age of 25, a report says.

An RBS survey of 12,000 teenagers found that 52 per cent think they will be able to afford to buy a home outright by their mid-20s, despite less than 20 per cent of first-time buyers being under 25 in the last five years.

When asked if they expected to buy a home by the age of 30, the figure saying yes jumped to 82 per cent.

Salary expectations also proved high with the teens believing they will have an average salary of £35,400 by 25 and £61,700 by 35.

The national averages for the ages are £18,705 and £24,333 respectively.

Andrew Cave, who oversees RBS community programmes said: ‘This year’s results show British teens are taking a real interest in their money, but it’s clear there’s a growing gap between young people’s expectations and reality, that’s why its so important that we equip them with the knowledge and skills to make considered financial decisions for their future.’

Readers' comments (20)

  • Gavin Rider

    Unfortunately, those same teenagers probably think that if they cannot buy a house for themselves at 25, the rest of society should pay for them to be able to rent one at half the normal rate.

    Furthermore, they probably think that if such a subsidised house is not available where they happen to have been born, a new house should immediately be built for them on otherwise protected land called an "exception site".

    There is so much that is unreasonable in life...

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  • What isn't unreasonable is the view of teenagers that they should have the opportunity to own a home. As they get older and become young people, then the reality of having to be in for the long haul with a mortgage will kick in. Even in the face of the endless diet of shallow pap they are fed by a media and business system that is only interested in keeping them as stupid as possible and then exploiting them as mindless, rootless consumers. That they want a place they can cal their own is clear - even dressed up as it is by the boundless optimism of youth.

    What is clear is that there is no aspiration to hand over their salaries to private slumlords. Private slumlords remain, rightly, unwanted and unloved.

    Sadly, in the interests of private slumlord and creating a subservient, transient, cowed populace, the chance for our teenagers to make their aspirations come true, of eventually owning their home, have deliberately been destroyed by the seemingly endless Con/LibDem/NewLabour Coalition.

    The majority of today's teenagers will reach the age of 35 and look around their single room, perhaps by then shared with someone else, or if they are seriously lucky, a scabby unmaintained flat or house where they will, on average stay for just 18 months. They will realise that in spite of working all the hours there are, that this is the limit of what they can expect. Then, hopefully, the political and ruling class might, just might, get sent a very powerful message about the damage caused by creating so called apsirational society that makes sure that the majority can never, ever realise even the most basic and essential of aspirations.

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  • Memo to Head of Market Research.
    When next undertaking statistical survey, I suggest that you do not ask your new intern to 'ring around a few of his schoolmates and find out what they think', especially if he has attended Eton.

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  • Alpha One

    We educate our kids in a way that leads them to believe that everyone must have prizes. We detach them from reality by allowing them to grow up in a world where even the poorest families have playstations and plasma screen tvs in their rooms. Kids get mobile phones before they've even got to high school, and their role models are footballers, models and self made millionaires.

    Too many kids get given the sort of toys that most of our generation wouldn't even dare to ask our parents for as a special birthday or christmas present. They don't have a clue what a hard days work entails, those who have parents who work don't really appreciate how hard their parents work, and those that have parents on the dole don't see anyone working but still get everything they want.

    I could go on, and on and on about this. Society does a good job at shielding kids from reality, should we really expect them to have an idea of reality looks like. I'm not saying all kids are like this, many will have an idea of what a pound can buy you, many more will know the suffering of living on low incomes, but there is still a sizeable number who don't, who first start work and find it so difficult that they aren't sure how to cope.

    Anyway, are those the sorts of sums you could earn on benefits!

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  • Alpha One

    Sorry the DM reader in me crept through with that last sentance!

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  • what is the RBS-Royal Bulls~~~t Society??

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  • The question they were asked was most probably a leading question, 'do you think you will own a home by the age of 25?'. For a more accurate result it would be better to ask the kids individually to avoid conformity: 'which age would you expect to own a house by?'

    Also a slight exaggeration on 'HALF of the UK's teenagers' when the survey was based on 12,000.

    But anyway, £35,000 by the age of 25, at least they're optimistic!

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  • Matt Murdock

    As a parent of a coupkle of teenagers I think this article is a little misleading. 'Teenage' covers a range of ages where young people start to become more engaged in the adult world and the realities of life. A 13 year old may well have vastly more unrealistic expectations than a 17 year old for example and why should that surprise us?

    At 13 the amount of knowledge expected to be absorbed to obtain a decent set of qualifications drives away any real in-depth understanding of the world as it is. My 15 year old son is trying to raise £4000 (in 18 mths) to undertake a school expedition to Africa. Not so easy when the employment laws in this country prohibit most forms of employment that I was able to undertake as child. On top of that he has to study hard for forthcoming exams at school and be an active member of the various sports and clubs he's involved in.

    Am I surprised that there is insufficient knowledge of the housing world or what various careers will earn him? Not really.

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  • business_ninja

    Such negativity. What's wrong with aspirational teenagers?

    I'd much rather be told my teenager wants to earn a high wage and own a house at 25, than be told they're relying on marrying a footballer or winning X Factor.

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  • Trevor Galley

    A worthy aspiration and why should they not aspire to owning their own home or last have a morgage and be buying it.
    However, as stated above I hope when reality bites they dont take to the streets.

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