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Most UK children aspire to buying a dream home, research shows

A third of them believe it will cost in excess of £500,000 but they have an optimistic outlook on life despite the economic downturn, according to new research by Clydesdale and Yorkshire Banks.

And 19% of those are planning to own their dream home by the age of 25, despite the fact that 33% of children estimate that their dream home will cost them between £500,000 and £1 million.

The research also shows that children in Yorkshire are the most hopeful with 38% of primary children in the area hoping to own their dream home by the age of 25 and 83% by the age of 35.

They are also optimistic in Edinburgh where 89% of children expect to home their home by the age of 35 and 29% by the age of 25. While in Wales 80% expect to do so by the age of 35 and 24% by the age of 25.

They are least positive about home ownership in the East of England and Glasgow. In the East of England 52% expect to own a home by the age of 35 and just 13% by the age of 25. In Glasgow it is 52% and 14%.

In London, where property prices tend to be much higher some 69% expect to own a home by the age of 35 and 20% by the age of 25.

The research also gives some insight into what a child regards as important in a home. Some 41% of boys want a secret passageway, 37% want a cinema, 33% want a bowling alley and 23% want a football pitch in the ground. Girls want different attributes with a much more practical nature as 32% want stables, 22% a cottage and 15% a farm.

‘As any parent knows, children can be very ambitious and it's always refreshing to hear about their hopes and dreams, however optimistic they may be. With 59% of kids hoping for a swimming pool and 25% wanting their own private theme park within the grounds, it is unsurprising that over a third of children  think that their dream home will set them back in excess of £500,000,’ said Steve Reid, retail director for Clydesdale Bank.

He pointed out that to achieve their dream home by the age of 35, kids will definitely need to start saving early, particularly in light of what they believe their first wage will be. The Banks' research has revealed that 71% of children believe they will earn up to £100 a week in their first job after school. However, 22% of those think they will only earn up to £10 a week which could take them well over 100 years to even save the deposit for a dream home costing £500,000.

‘Parents can help their children achieve their dreams and save for their future with a Clydesdale and Yorkshire Bank savings account. For more information, visit a local branch or call to discuss how we can help kids make the most of their savings,’ he added.