The survey found that 64% of respondents had a side hustle that contributed towards their house deposit or savings.
More than half said it would have taken them an additional 2-3 years to get onto the property ladder without that income. For nearly 72%, they estimated it would have taken between two and five years longer.
Among those aged 18-24, almost 72% reported using a side hustle to support their home buying goals – the largest of any age group.
Furthermore, a quarter of respondents had hidden spending from a partner to boost their mortgage chances. Meanwhile, 18.4% reported having undisclosed debt, such as loans or credit card balances.
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FTBs grappling with affordability
Many first-time buyers said they regularly track changes in affordability. Nearly half of respondents said they recalculate their mortgage affordability based on the latest news and market developments.
The survey pointed to changing attitudes towards property ownership as buyers explore alternative routes onto the housing ladder.
More than half of the respondents would buy a home with a friend or family member to improve their chances of getting on the property ladder.
Nearly 18% said they would consider purchasing a property with a close friend, rising to 22% among those aged 18-24.
In contrast, more than a quarter of respondents aged 45-54 said they would only consider buying alone.
More than a third said they had remained in rented accommodation longer than planned while building savings. Renters were recently reported by Tembo to be £64,000 worse off than first-time buyers.
Over one in five respondents said they had stayed in a toxic job to maintain their financial position.
Overall, first-time buyers said the education system failed to prepare them for the reality of mortgages and homeownership. In Scotland and the North West of England, this sentiment was felt most strongly.
