Desperate first-time buyers give up holidays

Most first-time buyers are so desperate to get on the property ladder they would give up holidays to save money, a new survey reveals.

Research from Abbey shows 53 per cent of prospective first-time buyers are willing to give up holidays, 49 per cent are willing to stop drinking alcohol and 43 per cent of would give up smoking.

A fifth (21 per cent) would consider moving back to their parents' house from their rented properties to afford their first home.

Around five per cent also said they would be willing to switch off their heating in order to save up enough cash to buy their first property.

"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," commented Nici Audhlam Gardiner, Abbey's head of mortgages.

"However with a typical first-time buyer taking as long as five years to save up a five per cent deposit, people would need an iron will to sacrifice anything they enjoy for that long."

Across the UK it was Scottish first-time buyers that were least likely to move back with their parents, while those in the north-east were least likely to give up alcohol.

The mortgage lender has also launched a website for buyers to share information and property tips together (www.thewordonyourstreet.co.uk)

"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," Abbey explained.