What are young people sacrificing to get onto the property ladder?

More than half are giving up their weekend social life to save for a deposit

Just over a third of non-homeowners aged 18-34  are hoping to buy a property in the immediate future and are making changes to their lifestyle accordingly, says a new report.

According to the Post Office, the number of young people looking to buy a first home is fairly static (36 per cent in 2013, compared to 34 per cent in 2012).  However, the number who have no intention of buying has doubled over the same period, from five per cent to 10 per cent.

In order to raise enough money to buy their own home, the five main compromises young people are prepared to make are

* Not having a property that is fully ‘ready to move into’ (44 per cent)

* Not buying new furniture and appliances (33 per cent)

* Not living in a trendy area (35 per cent)

* Not having original features in the property (37 per cent)

* Not living close to family (26 per cent)

"For many people owning their own home is a dream they are determined to make a reality, and our report highlights the lengths some will go to," said John Willcock, Head of Mortgages at Post Office. "Since the recession in 2008, people have taken extra steps to save money for a deposit.  However, the launch of the Government’s Help to Buy scheme and a raft of affordable loans on the market look to have rallied optimism amongst first-time buyers."

The survey reveals that young men and women have different reasons for buying their own home. Of those young women looking to buy, 30 per cent say they are driven by the desire to settle down and 30 per cent are tired of renting, while for young men the strongest motivation is  buying property as a good financial investment (29 per cent).

House prices up by 8.8% in 2013, Nationwide says

When cutting back to save money, the first thing to go are takeaway meals (57 per cent) and going out at the weekend (51 per cent). Around 43 per cent say they would consider cutting back on their weekly food shopping and just over one in ten would forego saving into a pension.

Other savings areas include making their own lunch for work (50 per cent), not buying new clothes/shoes (47 per cent), not going on holiday (43 per cent), and giving up their morning coffee (42 per cent).

Discover more property articles at Homes and Property
PROMOTED VIDEO
Arts and Entertainment
A new Banksy entitled 'Art Buff' has appeared in Folkestone, Kent
art
Arts and Entertainment
Shia LaBeouf is one of Brad Pitt's favourite actors in the world ever, apparently
filmsAn 'eccentric' choice, certainly
Life and Style
An Internet security expert has warned that voice recognition technology needs to be more secure
techExperts warn hackers could control our homes or spend our money simply by speaking
Extras
indybest
News
peopleBenjamin Netanyahu trolled by group promoting two-state solution
Property search
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Senior Marketing Manager - Central London - £50,000

£40000 - £50000 per annum: Ashdown Group: Marketing Manager (Campaigns, Offlin...

Head of Marketing - Acquisition & Direct Reponse Marketing

£90000 - £135000 per annum: Ashdown Group: Head of Marketing (B2C, Acquisition...

1st Line Service Desk Analyst

£27000 - £30000 Per Annum: Clearwater People Solutions Ltd: Our client who are...

Trainee Recruitment Consultant - Birmingham - Huxley Associates

£18000 - £23000 per annum + Commission: SThree: Huxley Associates are currentl...

Day In a Page

Isis is an hour from Baghdad, the Iraq army has little chance against it, and air strikes won't help

Isis an hour away from Baghdad -

and with no sign of Iraq army being able to make a successful counter-attack
Turner Prize 2014 is frustratingly timid

Turner Prize 2014 is frustratingly timid

The exhibition nods to rich and potentially brilliant ideas, but steps back
Last chance to see: Half the world’s animals have disappeared over the last 40 years

Last chance to see...

The Earth’s animal wildlife population has halved in 40 years
So here's why teenagers are always grumpy - and it's not what you think

Truth behind teens' grumpiness

Early school hours mess with their biological clocks
Why can no one stop hackers putting celebrities' private photos online?

Hacked photos: the third wave

Why can no one stop hackers putting celebrities' private photos online?
Royal Ballet star dubbed 'Charlize Theron in pointe shoes' takes on Manon

Homegrown ballerina is on the rise

Royal Ballet star Melissa Hamilton is about to tackle the role of Manon
Education, eduction, education? Our growing fascination with what really goes on in school

Education, education, education

TV documentaries filmed in classrooms are now a genre in their own right
It’s reasonable to negotiate with the likes of Isis, so why don’t we do it and save lives?

It’s perfectly reasonable to negotiate with villains like Isis

So why don’t we do it and save some lives?
This man just ran a marathon in under 2 hours 3 minutes. Is a 2-hour race in sight?

Is a sub-2-hour race now within sight?

Dennis Kimetto breaks marathon record
We shall not be moved, say Stratford's single parents fighting eviction

Inside the E15 'occupation'

We shall not be moved, say Stratford single parents
Air strikes alone will fail to stop Isis

Air strikes alone will fail to stop Isis

Talks between all touched by the crisis in Syria and Iraq can achieve as much as the Tornadoes, says Patrick Cockburn
Nadhim Zahawi: From a refugee on welfare to the heart of No 10

Nadhim Zahawi: From a refugee on welfare to the heart of No 10

The Tory MP speaks for the first time about the devastating effect of his father's bankruptcy
Witches: A history of misogyny

Witches: A history of misogyny

The sexist abuse that haunts modern life is nothing new: women have been 'trolled' in art for 500 years
Shona Rhimes interview: Meet the most powerful woman in US television

Meet the most powerful woman in US television

Writer and producer of shows like Grey's Anatomy, Shonda Rhimes now has her own evening of primetime TV – but she’s taking it in her stride
'Before They Pass Away': Endangered communities photographed 'like Kate Moss'

Endangered communities photographed 'like Kate Moss'

Jimmy Nelson travelled the world to photograph 35 threatened tribes in an unashamedly glamorous style