Property "love affair" demands sacrifices

Posted: 28 Mar 2006 11:14:21 GMT

It seems that owning a property remains the overriding desire for most Brits, with new research indicating that almost two-thirds of first-time buyers made lifestyle alterations to afford a house.

New research from Purely Mortgages has found that around 20 per cent of potential homebuyers avoid taking holidays to save for a home, with a further 21 per cent cutting back on the amount of time they spend socialising.

One in ten people admitted to taking on an extra job to raise the required amount of cash, while five per cent said that they had delayed starting a family to ease the financial burden.

With house prices continuing to rise in most areas of the UK, it is perhaps unsurprising that buyers are looking for any opportunity to save a little money.

Britons more than most, it would seem, are attracted to the idea of being a homeowner and Mark Chilton, chief executive of Purely Mortgages, has said that this "love affair" is leading people to adopt extreme cost-cutting measures.

"Property has proved to be a good investment historically with an average growth of 8.2 per cent per annum over the last 20 years. However, people need to be realistic about what they can afford and what sacrifices they are prepared to make," he said.

A simple and avoidable outlay that is often overlooked is the cost of employing an estate agency, with many buyers forking out huge sums that could be better spent elsewhere.

With the new research finding that 11 per cent of buyers had overstretched themselves trying to get a foot on the property ladder, it would seem that it is now more important than ever to use money sparingly and economically when looking for the ideal home.


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