Swapping lunch out for a packed lunch is the most common sacrifice made by prospective home buyers when saving for a deposit, research has found. The study, carried out by Housing Association Family Mosaic, surveyed 2,000 people who are currently saving for a house deposit or have managed to buy in the past three years to determine the most common changes being made to help fund a deposit.
In a time when a lot has been made about the cost of getting on the property ladder, it seems that smaller lifestyle changes are helping savers the most.
Other top sacrifices among respondents included not having meals out or takeaways, cutting alcohol consumption, stopping buying lottery tickets and using public transport instead of the car.
The survey also looked at savings and over a third of participants said their entire life-savings formed their deposit, while nearly a quarter were able to put some inheritance money towards it.
It also reported that a fifth of people who have recently acquired or are currently in the process of saving have been helped out with money from their parents.
Commenting on the findings, a spokesperson for Family Mosaic said: “The list of sacrifices shows how people are cutting down in almost all areas of life in a bid to reach their goal. It’s clear how we put other areas of life on hold in order to meet these goals.”
Cadman Homes, a local family owned estate agents in Rugby are inviting those looking to save a few quid to talk to them about several ways of getting onto the property ladder, or moving house, with low deposits. They are offering a free mortgage “healthcheck” to make sure buyers are getting the best deal as well as discussing a range of schemes that are in place to help people with small deposits.
Contact Adam McHenry for more information.