How To Get Onto The Housing Ladder Without Making Sacrifices

Spending less time with friends, putting a wedding on hold or taking on extra shifts at work – just some of the sacrifices made by people saving for a deposit, a new report claims.

The prospect of owning a home remains out of reach for 18-34 year olds, according to research published in What House?, with raising a deposit the main stumbling block for would-be home owners.

While some national reports suggest that the average UK deposit has risen to just over £71,000, Linden Homes North say their FTBs home prices buck the trend, with buyers looking at an average 10 per cent deposit of £24,000 or less.

This figure is based on the company’s first time buyer friendly new homes across Yorkshire.

However, it seems that nationwide, many people are willing to make sacrifices to help fund a step onto the property ladder.

The top 10 sacrifices are reported to be:

1. Cutting down on socialising and seeing friends – 47 per cent
2. Forgoing a holiday – 44 per cent
3. Avoiding eating out – 42 per cent
4. Taking on another job or additional shifts at work – 34 per cent
5. Cutting down on essentials – 29 per cent
6. Giving up expensive hobbies – 21 per cent
7. Opting to walk instead of using the car or public transport - 21 per cent
8. Moving back in with parents – 19 per cent
9. Selling possessions – 14 per cent
10. Putting a wedding on hold – 7 per cent

However, help is at hand for first time buyers looking to buy a brand new property – thanks to Linden Homes.

With new homes across the region at locations in East Riding and across other parts of Yorkshire, the developer is offering the Help To Buy scheme to curb the cost of moving.

Here’s how it works:

• Help to buy is available on new build homes up to £600,000
• Purchasers need a minimum five per cent deposit.
• All homebuyers could be eligible, not just first-time buyers.
• The government will lend you up to 20 per cent of the value of your new build property through an equity loan, which can be repaid at any time or on the sale of your home. This loan is not available on second hand homes.
• Buyers will only need to secure up to a 75 per cent mortgage from a bank or building society.

Linden Homes North can help those looking to raise a deposit to keep their ‘sacrifices’ to a minimum, thanks to the Help to Buy scheme.

-ENDS-

For further press information please contact Cetti Long at Media Matters on 01733 371363 or email cetti@mediamatters-pr.co.uk

11 March 2015

< Back to press office