Saving up for your first house is notoriously difficult, and many people find themselves cutting back on certain joys in a bid to get on the property ladder.
If you were thinking that taking fewer trips to the pub would be a good way to save, we’ve got some news for you.
According to new research by UK mortgage advice company First Mortgage, people would have to forego a whopping 5,000 pints on average to save up for a deposit on a house.
The company says the ideal home for first-time buyers has two bedrooms and usually requires a deposit of £26,000.
Assuming the average pint costs £5, then you’d need to turn down around 5,200 pints at the pub to afford a deposit like that.
If you were thinking of cutting back on holidays, you’d need to go without roughly 74 trips, with the average few-day-long city break costing around £350.
When it comes to what people do to save, a third of those polled ate out less, 32% saved by not going on holiday and 18% went so far as to move back with their parents.
Therefore it’s perhaps unsurprising that 88% of people surveyed said saving for their first home had a huge affect on their daily life.
Other people saved by buying fewer clothes (37%), going to a cheaper supermarket each week (35%), making their own lunch for work (33%), not ordering from takeaway restaurants (32%), and even selling their car (10%).
It’s not all doom and gloom, however, as First Mortgage spokesperson David McGrail said the pandemic may have provided a good opportunity for people to buy their first home.
He says: ‘It might seem harder than ever to get on to the property ladder in a world full of economic uncertainty, however it is possible if you want it.
‘Our advice to first home buyers in this climate is to take advantage. With overseas travel limited, government support through the reduction of stamp duty, and less socialising, it is prime time to get your finances in order and create a plan to get your dream home.’
First Mortgage also recommends:
- Move back in with your parents if you can, and put what you would pay for rent into a savings account.
- Cook at home and plan your meals ahead of time.
- Cut back on holidays and explore free and new local places instead.
- Make your own coffee at home rather than paying for one each day.
- Set targets for savings each week/month and be disciplined.
- Products such as LISAs can help you save quicker with bonuses from the Government.
Do you have a story to share?
Get in touch by emailing MetroLifestyleTeam@Metro.co.uk
MORE: Londoners, here’s how you can get a free beer this Friday
MORE: Beer company accidentally names itself after pubic hair
source https://metro.co.uk/2020/09/12/this-is-how-many-pints-youd-need-to-turn-down-to-buy-a-home-13258955/
0 Comments