First-timers work extra hours to get on the ladder
Thousands of first-time buyers are taking an extra job or working overtime to get on to the property ladder, Bradford & Bingley’s third annual First Time Buyer Report has found.
The research found that one in 10 of those looking to buy their first property took a second job, working just under 12 hours extra per week. Of those working overtime, 23% are doing an average of 9.5 hours in overtime per week.
Many first-time buyers were lucky enough to receive help to buy from their families, with 42% getting some kind of assistance from their parents. Gifting a deposit to their children was top choice, with 50% of parents having gone for this option while 15% acted as guarantor. Parents who bought jointly with their children made up 10% of those surveyed.
Duncan Pownall, mortgage development manager at Bradford & Bingley, said: “The message we are getting from our report’s findings is that many first-timers are prepared to compromise, work hard to save for a deposit and look to their families for extra help if needs be.
“Most first-time buyers have to strike a balance between how much they want that expensive holiday or new car and how soon they want to have the keys to their own property.”