Quantcast
Menu

First-time Buyers

Budget-stricken house hunters sacrifice holidays over haircuts

Samantha Partington
Written By:
Samantha Partington
Posted:
Updated:
11/02/2015

Brits saving for their first home would rather sacrifice a summer holiday than cut back on their budget for looking good, a survey of spending habits has revealed.

Research from West Bromwich Building Society showed that 65% of first-time buyers said holidays would be the first thing to go but only 26% said they would give up getting a haircut or compromise on beauty and grooming products.

Eating-out was top of the list of sacrifices (66%) while 46% of fledgling buyers said they would give up spending on electronic gadgets.

Most buyers accepted they would have to wait before securing a suitable deposit for their first house purchase. The survey found 22% were prepared to give it one year while 42% were willing to wait for three years or more to reach their goal.

Some would even quit rented accommodation and move back in with their families if it made it easier to build up a deposit. A quarter (26%) said they would do so ‘if necessary’ and 6% were already trying it. But 38% valued their independence too much and refused to consider the idea.

David Taylor, head of products at the West Brom, said: “Buying a home is a huge financial and emotional step and people must consider their priorities and spending patterns.

“We would advise first-time buyers to save regularly, budget carefully and make a proper financial plan to help realise their dream. Those choices include seeking the best mortgage to suit their needs now and in the future.”