What are the top sacrifices made to get on the property ladder?
For many people owning their own home is a dream they are determined to make a reality.
While older generations are likely to have purchased a home at a young age, today’s 18-34 year olds find themselves in a very different position.
Since the recession in 2008, people have taken extra steps to save money for a deposit. A recent survey has highlighted some of the most common steps that young prospective
homebuyers are taking.
Sacrifices made to get onto the property ladder:
1. Cutting down on socialising and seeing friends- 47%
2. Going without holidays - 44%
3. Don't go for meals out - 42%
4. Taking on another job or extra shifts at work- 34%
5. Cutting down on essentials like food or heating - 29%
6. Giving up expensive hobbies- 21%
7. Walking instead of taking the car or public transport- 21%
8. Moving back with parents or a relative - 19%
9. Selling possessions- 14%
10. Putting a wedding on hold - 7%
11. Sub-letting a flat, share a room with a friend or stranger – 6%
12. Asking friends and family for money – 6%
13. Partner has had to return to work - 4%
14% of those who were asked said that they were actively saving for a property without making any sacrifices