News: FTBs taking drastic measures

Thu, 22 Nov 07

A quarter of first-time buyers are considering moving to an area with cheaper property prices in order to get a foot on the housing ladder...

Research conducted by mortgage lender Abbey found 25 per cent of first-time homebuyers were pondering a move in order to acquire a property. A further one-in-six (16 per cent) of people would even move abroad to make their home-owning dreams a reality, the research shows.

Meanwhile would-be property owners are increasingly prepared to part with treasured personal items in order to fund the cost of buying a home. Just one-in-ten of those who have bought a home over the past five years would have sold items of sentimental value in order to get on the housing ladder, the study claims.

Still a number of options available

But now one-in-five (20 per cent) of first-time-buyers would be prepared to do so, says Abbey. According to the lender increasing numbers of novice property buyers are also willing to burn the candle at both ends in order to secure their first home.

More than one-in-three (39 per cent) of first-time buyers would consider taking a second job to fund their home-owning aspirations, the company's research reveals. Meanwhile almost one-in-six (16 per cent) said they would even take on a third job to allow them to afford to buy a home.

Commenting on the research, Nici Audhlam-Gardiner, head of Abbey Mortgages, said: "It’s interesting to see the lengths people are prepared to go to for their first property. Although it can be more difficult these days to become established on the property ladder than it has been for previous generations, there are still a number of options for first time buyers that don’t require taking such drastic measures.

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