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‘Fancy lifestyles’ blamed for many first-time buyers’ woes – Star Letter 12/02/2016

by: Mortgage Solutions
  • 12/02/2016
  • 0
‘Fancy lifestyles’ blamed for many first-time buyers’ woes – Star Letter 12/02/2016
Each week Mortgage Solutions rounds up the most opinionated and thoughtful comments of the week.

This week’s plain-speaking Star Letter goes to Jackie Crockett for her comment on the story Chancellor’s tax relief changes will hit first-time buyers the hardest – Tony Ward.

The reason most first-time buyers cant afford a property is because they are not prepared to save for a deposit.

You only have to look at their bank statements. Spending on lunch at Costa Coffee may only be a fiver a time, but that’s £100 a month plus, just for starters. Plus weekends, when most of the youngsters I know easily blow £150 in a weekend drinking. If they sucked it up and stopped going out bingeing they could easily save £700 a month x 2 over 12 months = £16,800.

Trouble is they want to have their cake and eat it. Its much cheaper, relatively, to purchase a house nowadays due to low interest rates, plus the related purchase and furniture costs are much cheaper relative to income than they were 25 to 30 years ago.

Maybe London is a different market, but I am based near Bath and unless they are on a very modest income of £10k there are no excuses. What they should do is stop going out, live with mum and dad for 18 months, trade in their car for an old banger and lo and behold they would have a deposit. That’s what we did. The trouble is they want everything on a plate nowadays. Landlords are not the issue.

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