Would-be buyers more willing to sacrifice holidays than cigarettes when saving to buy a home
Holidays are the first things to be cut among those keen to buy a home, according to a survey from Barratt Homes.
The five star housebuilder, which is building homes in Plymouth, asked 2,000 people which luxuries they would cut back on in order to save the money needed to make their dream move.
More than a third of those asked (35 per cent) said they would forgo that special trip away, closely followed by 32 per cent, who were brave enough to sacrifice time in the pub, eating out, or visiting the cinema.
“Acquiring a new home is a big financial commitment for anyone and, understandably, many would-be buyers take it very seriously,” said sales director, Sara Parker. “We all love life’s little luxuries, like holidays and evenings out, but those asked in our survey told us it was worth giving them up for a short while for the greater cause.
“At Barratt, we do our best to help by offering a number of schemes designed to make it easier to save for a deposit. Help to Buy, for example, is available on all new-build homes up to £600,000 in England. It allows many to own their new property by paying just five per cent up front. And that’s a big help for those struggling to find anything they’re able to go without during the saving process.”
According to the survey, just six per cent said they would be willing to stop smoking in a bid to acquire some extra funds - with only 13 per cent abstaining from alcohol. Daily treats like coffee are too important to miss for many of those asked, with a paltry 10.5 per cent happy to give them up. And gadgets are pretty high on the list of important items, with just over 15 per cent willing to miss out on the latest smart phone or tablet.
“Moving into your own home is a special time for anyone, and many of our buyers tell us the experience is well worth the short term sacrifices required in terms of saving for such a major investment,” added Sara.
“There are plenty of opportunities to move into the property market - or to move further up the ladder - and our teams are very happy to talk to potential buyers about these at developments across the region.”
Barratt Homes is currently working on its Redwood Heights development in Plymouth.
To find out more about new homes and home buying schemes, visit www.barratthomes.co.uk or call 0844 5710 385.