What do 'first-time triers' really spend their money on?
Posted 7 September 2015 by Stephen Maunder
Prospective first-time buyers prioritise smartphones and coffee shop fixes over saving up to get on the housing ladder, according to new research by Principality Building Society.
The survey of 'first-time triers' by Wales’ largest building society showed that a coffee-chain hit and smartphone are among the hardest luxuries to give up when saving for a deposit, with satellite TV and beauty treatments also high on the list. Regular jetsetting was also a must-have, with over half of respondents saying they wouldn't give up holidays to save for a deposit.
With the average asking price of a home for first-time buyers at £169,414, a 5% deposit would be £8470.70, the equivalent of a couple saving £353 each per month for a year. The data shows that prospective homeowners are already saving £286.51 per month for a deposit, but are still splashing out an average of £218.38 on perceived ‘necessities’.
Nearly two thirds (59%) of first-time triers said they would give up takeaway food in a heartbeat to get on the ladder, with taxis and dining out also seen as expendable.
Here's the full guide to what first-time triers really spend their money on...