Young Brits struggling to get that first foot on the property ladder are spending their life savings.
Abbey figures show that 11.2 m would be first time buyers are spending their savings which are meant to be a deposit on a property.
The research is undoubtedly surprising as it goes a long way to explain why so many Brits finding it difficult to get onto the property ladder. Many first time buyers are also opting for 100% mortgages as they have blown their deposit.
Abbey's figures depict that 20% of first time buyers take money from savings every couple of months, with 1 in 9 dipping into deposit savings each month.
Whilst some spend their deposit, others scrimp and save to afford a first home.
Early 2007 Abbey figures highlighted that 53% of potential buyers sacrifice holidays, with 49% giving up alcohol, 43% stopping smoking, and 21% considering moving back in with their parents to save money in order to get on the property ladder.
As first time buyers struggle to get onto the property ladder, would be homeowners are making considerable sacrifices to strengthen their finances .
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First Time Buyers Spend Their Deposits Tue, 03 Jul 2007
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