Most would-be buyers prepared to give up holiday

Posted: 06 Feb 2007 10:27:53 GMT

More than half of all would-be first-time buyers say that they would be prepared to ditch their annual holiday if it meant that they were able to get on the property ladder sooner

More than half of all would-be first-time buyers say that they would be prepared to ditch their annual holiday if it meant that they were able to get on the property ladder sooner.

Almost half would give up booze, and one in five said that they would be prepared to move in with their parents, said Abbey.

A truly desperate one in ten said that they would give up their relationship or dating if it helped them raise a deposit.

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

Research for the Royal Institution of Chartered Surveyors (Rics) has shown that affordability has declined 230 per cent over the past ten years.

The average couple now has to save the equivalent of 81.8 per cent of their annual take-home pay to pay the average £32,784 needed as a down-payment on a home.


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