Young prepared to cut back to buy a home
More than a third of young would-be first-time buyers are willing to make sacrifices to get on the property ladder, according to research.
Indeed, 36% of people aged 18 to 34 said they are willing to cut back on luxuries in order to buy their first home in the immediate future, the Post Office's third annual House Buying Report revealed.
In order to save for a deposit, 57% of the young people surveyed said they would consider cutting out takeaways and more than half (51%) said they would be happy to reduce the amount they spend on going out at the weekend in order to save.
Would-be first timers are also looking to save by making their own lunch for work (50%) and giving up their annual holiday too (43%).
In addition, the survey found 44% of those eager to own their first home would move into a property that is not fully ready (up from 40% in 2012), 33% would forego buying new furniture and appliances, and 35% would be happy to live outside of a ‘trendy' area.
Another 26% of potential buyers would be willing to relocate away from family, while 37% would move into a home that didn't have its original features.
In a sign of the continued difficulty potential homeowners face as house price edge higher, the number of people who have no intention of buying a property has doubled in the past 12 months (from 5% to 10%).
John Willcock, head of mortgages at the Post Office, said: "For many people owning their own home is a dream they are determined to make a reality, and our report highlights the lengths some will go to."
He added: "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."