Research published today by insurance provider Swiftcover has revealed the impact the current housing crisis is having on those struggling to get on to the property ladder.
Faced with the current UK property market, nearly two thirds of 18-35 year olds (63%) would consider moving country and 16% confessed they wouldn't rule out staying with a partner they no longer wanted to be with in order to get onto the property ladder.
Nearly half (48%) of those polled think home ownership is an unrealistic dream and one in ten Brits expects to be over 40 before they are able to call themselves a homeowner. Although 50% say they are not aware of any schemes aimed at helping first time buyers
Other saving tactics that aspiring homeowners would consider included taking up a second job (41%), packed lunches (40%), stopping socialising (29%) and eating lower quality meals (29%).
Lifestyle changes Brits would make in order to save for a deposit- Stopping clothes shopping (43%)
- Taking another job in the evenings/ weekends (41%)
- Making packed lunches (40%)
- Moving back in with parents or grandparents (31%)
- Stopping socialising (29%)
- Selling possessions (29%)
- Eating lower quality meals (29%)
- Switching mobile phone contract (27%)
- Walking or cycling to work (23%)
- Living in a cheaper area with a longer commute (22%)
- Sleeping on a friend's sofa (5%)
- Camping (3%)
Despite being willing to adopt some unconventional savings tactics, Swiftcover's research revealed that nearly half (48%) of Britain's aspiring first time buyers think owning a home is an unrealistic dream, with 1 in 10 expecting to be over 40 before they pick up the keys to their first home.
Sixty per cent of those yet to purchase their first home felt that it would be impossible for singletons to take their first step on the property ladder without help, with 16% of those polled confessing that they wouldn't rule out staying with a partner they no longer wanted to be with in order to get on the property ladder.
The findings also laid bare the way in which the housing market has shifted in the last generation. Over half (54%) of respondents recalled their parents purchasing their first home before they turned 30, a stark contrast to today's housing crisis. When asked how they felt about the property market in the UK, over a third admitted to feeling 'frustrated' (43%), 'depressed' (34%) and 'helpless' (36%), which is no wonder given the research found half of Brits were completely unaware of any schemes available to help them purchase their first home.
For those who do manage to take their first step on the property ladder, it could be years before their house feels like a home. 1 in 5 didn't expected it to take over two years until their first home is fully furnished, despite the fact that they plan to decorate with flat pack furniture (62%), hand-me-downs (38%), charity shops (34%) and car boot sales (19%).
In support of those persevering with the task of making their first home a reality, Swiftcover has enlisted reality star Sam Faiers to share her hints and tips for making a house feel like a home. The insurer will be encouraging the nation to join Sam in sharing their #SwiftHomeHacks. Visit www.swiftcover.uk/homehacks to watch the first of Sam's series of tips.
Roman Bryl, Brand & Proposition Manager at Swiftcover said: "The lengths Britain's first time buyers are willing to go to in order to get a deposit together illustrates exactly how tough today's property market has become. Considering how hard it now is to save for a deposit, it's unsurprising that so many don't expect to be able to furnish their first homes immediately, so we thought we'd show our support by creating a series of quick and easy home hacks that can be achieved without breaking the bank."
