A new survey conducted by building society the West Brom has revealed the things first-time buyers are willing to sacrifice in order to achieve their dream of owning a property and stepping foot on the notoriously competitive property ladder.
After polling 1,741 first-time buyers, the West Brom found that 66% of budget-stricken property hunters would be willing to cut back on eating out, while 65% said that they would put off booking holidays and travelling abroad in the foreseeable future. Just over half (53%) of the respondents indicated that they would be willing to hold off on buying a new car and 46% were happy to do without the latest electronic gadget, such as a new mobile phone or games console.
By contrast, only 26% of the buyers surveyed were willing to cut back on beauty and grooming products and only 10% of people intended to delay their plans to start a family. Furthermore, only 5% of those surveyed said that they would cut costs on their food bills to afford a home.
Buying a home is the biggest financial step many first-time buyers are likely to take and, as such, the process can be fraught with emotional and economic concerns. Therefore, unsurprisingly, the survey found that 22% of people were willing to wait one year to secure a suitable deposit, and 42% of people revealed that they are willing to wait three or more years to save enough money for a deposit on their perfect property.
It was also revealed that 26% of people would be willing to give up living in rented accommodation and move back in with families if it made it easier for them to save up the amount needed for a decent deposit. Interestingly, 6% of people were already trying this method, while 38% of people refused to consider this option as they valued their independence too much.
If you’re thinking about purchasing a property for the first time, we at CPS Homes understand that you may be worrying about the expanding property market, particularly with the news that there are significantly more buyers for each property. However, we would advise you not to rush into making any decisions; the property market is always in a constant state of flux, so the price of your dream home today may not be the same in 12 months. The best advice we can give to first-time buyers is to make a proper financial plan, save regularly, budget efficiently and seek out the best mortgage deals, not only for now but also for the future.
First-time buyers looking for a property in Cardiff can currently take advantage of the Welsh Help to Buy scheme. Under the scheme, first-time buyers can put down a 5% deposit on a property and receive a loan from the Welsh Government of up to 20% of the total value of the property.
If you need any help or advice, our team of experienced sales agents will be happy to answer any questions you may have about purchasing a first-time property or the Help-to-Buy scheme. To speak with one of the members of our sales team, please contact our Albany Road branch on 02920 454555 or email firstname.lastname@example.org.