More needs to be done to ensure that young people know enough about their finances to cope with the buying process, a property expert has warned.

Stuart Law, the chief executive of property investment firm Assetz, claimed that many people leave school with very little knowledge about finance, putting them at a disadvantage when it comes to getting onto the property ladder.

"As house prices have continued to spiral upwards, poor financial education has left many first-time buyers struggling with the numbers over the last few years.

"With the right education and the right tools to cope in an increasingly complex financial world, first-time buyers would stand a far better chance of competing with buy-to-let investors," he said.

Mr Law pointed out that savvy investors had created "a whole generation of property renters" by making the effort to learn about the financial implications of owning a home.

Recent research from Scottish Widows revealed that 56 per cent of people who graduated from university within the last decade have still not been able to purchase a home of their own.