7 Feb

First time buyers 'make sacrifices'

First time buyers 'make sacrifices'

Many first time buyers are keen to step on to the property ladder and are willing to make sacrifices in order to save for a deposit, claims new research.

The annual Post Office House Buying Habit report revealed those aged between 18 to 34 are set to compromise on day-to-day living to own their first home.

A total of 57 per cent would give up takeaways, 43 per cent would reduce their weekly food shopping bill, while 51 per cent might consider staying in at the weekend and 14 per cent would stop their pension payments to help save for that crucial deposit.

"While older generations are likely to have purchased a home at a young age, today's 18 to 34 year olds find themselves in a very different position, counting every penny in order to acquire those essential property pounds," explained John Willcock, head of mortgages at the Post Office.

Saving for a deposit may be harder as property prices in the UK continue to rise. The latest index from the Nationwide Building Society shows an increase for the 13th month in a row – making them around four per cent below peak 2007 levels.

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