First-time buyers ‘put life on hold’

Most first-time buyers are putting their lives on hold to save the deposit for a property, it has been claimed.

New research by Yopa reveals that 61% of first-time buyers say that trying to collect enough to buy had a negative impact on their quality of life.

Many are sacrificing far more than everyday luxuries in pursuit of being a homeowner.

Our research demonstrates the extraordinary lengths people are willing to go.”

Verona Frankish, Chief Executive of Yopa (pictured), says: “It’s clear that first-time buyers need help getting onto the property ladder, and our research demonstrates the extraordinary lengths people are willing to go to in order to achieve that ambition.

“For many, it’s not simply a case of sacrificing holidays or nights out, but putting major life milestones on hold, delaying career progression and spending years saving every spare penny.”

Meals out and takeaways, holidays abroad and nights out with friends often have to be given up to achieve the savings needed for a deposit.

Other sacrifices included clothes shopping, concerts and festivals, gym memberships and even hobbies and sporting activities.

Major life decisions are also being put on hold, with changing jobs or pursuing a different career was the most commonly cited life decision delayed.

Having children or expanding a family, moving out of the parental home and getting married, were also being delayed.

Almost three-quarters – 73% – of first-time buyers spent at least three years actively saving towards their first property, with 23% between five and six years, 16% between seven and 10 years and 17% spending more than a decade.

The research also found that 46% committed more than 20% of their monthly disposable income towards their first home, with 9% putting aside more than half.

The Government recently unveiled Your First Home, its new scheme for first-time buyers, with more details due to be announced in next week’s Budget.