House buyers 'prepared to make sacrifices' for first home

Would-be homebuyers are prepared to give up holidays, booze and even love in a desperate bid to get on to the housing ladder, new research has revealed.

A survey from Abbey found first-time buyers were prepared to make a number of sacrifices to obtain the keys to their first home.

More here:

• House repossessions rise 65pc over 2005

• House prices to rise £1,000 per month

Just over half would be prepared to give up their holiday, with a similar proportion stating that they would abstain from alcohol if it meant being able to save enough to buy a house.

A fifth are willing to move in with their parents, while almost one in 10 would even sacrifice a relationship if they thought it would help.

The survey results follow recent figures which indicate that soaring house prices and affordability constraints have worsened the plight of first-time buyers.

The Royal Institution of Chartered Surveyors found that accessibility is at its lowest point for more than 25 years.

Nici Audhlam Gardiner, head of mortgages at Abbey, said: "With first-time buyers struggling to get on to the first rung of the property ladder, prospective homeowners are having to make big sacrifices to build their finances.

"However, with a typical first-time buyer taking as long as five years to save up a five per cent deposit, people would need an iron will to sacrifice anything they enjoy for that long."