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
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

SThree: Trainee Recruitment Consultant - Dublin

£13676.46 - £16411.61 per annum + OTE: SThree: SThree Trainee Recruitment Cons...

Ashdown Group: Marketing or Business Graduate Opportunity - Norwich - £22,000

£18000 - £22000 per annum + training: Ashdown Group: Business and Marketing Gr...

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + Commission: SThree: Are you great at building rela...

Ashdown Group: Database Analyst - Birmingham - £22,000 plus benefits

£20000 - £22000 per annum + excellent benefits: Ashdown Group: Application Sup...

Day In a Page

General Election 2015: Ed Miliband's unlikely journey from hapless geek to heart-throb

Miliband's unlikely journey from hapless geek to heart-throb

He was meant to be Labour's biggest handicap - but has become almost an asset
General Election 2015: A guide to the smaller parties, from the the National Health Action Party to the Church of the Militant Elvis Party

On the margins

From Militant Elvis to Women's Equality: a guide to the underdogs standing in the election
Amr Darrag: Ex-Muslim Brotherhood minister in exile still believes Egypt's military regime can be replaced with 'moderate' Islamic rule

'This is the battle of young Egypt for the future of our country'

Ex-Muslim Brotherhood minister Amr Darrag still believes the opposition can rid Egypt of its military regime and replace it with 'moderate' Islamic rule, he tells Robert Fisk
Why patients must rely less on doctors: Improving our own health is the 'blockbuster drug of the century'

Why patients must rely less on doctors

Improving our own health is the 'blockbuster drug of the century'
Sarah Lucas is the perfect artist to represent Britain at the Venice Biennale

Flesh in Venice

Sarah Lucas has filled the British pavilion at the Venice Biennale with slinky cats and casts of her female friends' private parts. It makes you proud to be a woman, says Karen Wright
11 best anti-ageing day creams

11 best anti-ageing day creams

Slow down the ageing process with one of these high-performance, hardworking anti-agers
Juventus 2 Real Madrid 1: Five things we learnt, including Iker Casillas is past it and Carlos Tevez remains effective

Juventus vs Real Madrid

Five things we learnt from the Italian's Champions League first leg win over the Spanish giants
Ashes 2015: Test series looks a lost cause for England... whoever takes over as ECB director of cricket

Ashes series looks a lost cause for England...

Whoever takes over as ECB director of cricket, says Stephen Brenkley
Fishing for votes with Nigel Farage: The Ukip leader shows how he can work an audience as he casts his line to the disaffected of Grimsby

Fishing is on Nigel Farage's mind

Ukip leader casts a line to the disaffected
Who is bombing whom in the Middle East? It's amazing they don't all hit each other

Who is bombing whom in the Middle East?

Robert Fisk untangles the countries and factions
China's influence on fashion: At the top of the game both creatively and commercially

China's influence on fashion

At the top of the game both creatively and commercially
Lord O’Donnell: Former cabinet secretary on the election and life away from the levers of power

The man known as GOD has a reputation for getting the job done

Lord O'Donnell's three principles of rule
Rainbow shades: It's all bright on the night

Rainbow shades

It's all bright on the night
'It was first time I had ever tasted chocolate. I kept a piece, and when Amsterdam was liberated, I gave it to the first Allied soldier I saw'

Bread from heaven

Dutch survivors thank RAF for World War II drop that saved millions
Britain will be 'run for the wealthy and powerful' if Tories retain power - Labour

How 'the Axe' helped Labour

UK will be 'run for the wealthy and powerful' if Tories retain power