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First-time buyers make big sacrifices

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First-time buyers would be willing to give up holidays, booze or even move back in with their parents to give themselves a better chance of getting on to the property ladder, according to research from Abbey.

The survey of potential first-time buyers showed that 53% would give up their holiday, almost half (49%) would abstain from alcohol and 1 in 5 (21%) would give up renting and move back in with their parents to save money.

The regional exception for giving up alcohol is the North East, where the figure is just 12% compared to 49% nationally. And the Scots are least likely to move back in with their parents, with only 7% willing to make the move compared to the 21% national average.

Nici Audhlam Gardiner, head of mortgages at Abbey, said: “With first-time buyers struggling to get onto the first rung of the property ladder, prospective homeowners are having to make big sacrifices to build their finances. However with a typical first-time buyer taking as long as five years to save up a 5% deposit, people would need an iron will to sacrifice anything they enjoy for that long”.

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