First-time buyers willing to give up holidays and booze

First-time buyers would give up holidays, booze or move back with their parents, if it meant getting on the property ladder sooner, according to research from Abbey.

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

Remarkably, one-in-ten (9 per cent), say they would even sacrifice their relationship / dating if they thought this would help. More, worryingly, more than 2.9 million people would turn off their heating to help raise a deposit for their first home.

What would you be willing to give up to get on the property ladder sooner

Holiday's / Travelling 53 per cent
Alcohol 49 per cent
Smoking 43 per cent
Move back in with parents 21 per cent
Relationship / Dating 9 per cent
Heating 5 per cent

While across the country, almost half (49 per cent) of potential buyers would give up alcohol, the exception is the North East, where the figure is just 12 per cent. The Scots are least likely to move back in with their parents, with only seven per cent willing to make the move compared to the 21 per cent national average.

According to the Royal Institute of Chartered Surveyors (RICS), over the past ten years the rise in house prices has been so pronounced that accessibility is almost 230 per cent worse than in 1996, and is currently as low as the levels experienced in 1980. A couple who are buying for the first time, will now have to save up to the equivalent of 81.8 per cent of their joint take home pay to build up the £32,784 needed for up-front buying costs on a typical home, deposit and stamp duty.

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 per cent deposit, people would need an iron will to sacrifice anything they enjoy for that long".

To help homebuyers, Abbey has increased its standard income multiple so that it can lend up to five-times income subject to an applicants affordability.

Abbey also offer an exclusive First-Time Buyer (FTB) product range that can help FTBs save upfront costs and lower their monthly payments. This includes mortgages with as little as just 3 per cent deposit, deals that offer 5 per cent money back, which can then help towards covering additional costs, and mortgages where customers can defer part of the amount they borrow until the end of the mortgage, or even extend the length of their mortgage.

Abbey has also launched thewordonyourstreet.co.uk, a place where first time buyers can hear first hand from people like them, who have just been through the home buying process.

The site allows users to enter their details and search for people with similar circumstances to themselves. This allows them to see the kind of mortgage they chose and why, the type of home they bought for the money and any pitfalls they experienced along the way.

While on the site, users are invited to return once they've completed their own house buying process to share their story and any useful tips that they may have discovered.