Eighty-seven per cent of Brits say they will not give up avocado on toast in order to purchase a property, according to a new survey.
More than 2,000 Brits were asked what they would forfeit for five years in order to save for a deposit on a home, in a Property Perception Survey by national housebuilder Bellway Homes.
Avocados and property were first mentioned together when an Australian property tycoon urged millennials to stop buying avocados on toast and expensive coffees in order to save for a deposit. However, many young people hit back to say giving up such luxuries would not make a difference when house prices were so high.
In order to raise a deposit, Brits are prepared to give up nights out (35%), an annual holiday (35%) and takeaways (30%).
Emma Denton, Sales Director Designate at Bellway Thames Gateway said, “With initiatives like Help to Buy making it easier for people to get on the property ladder, forfeiting avocados and coffee could be a thing of the past! “It is interesting to see that while young people are not willing to sacrifice avocados they will happily cut out nights out and an annual holiday in order to get on the ladder.”
Other interesting stats this survey reveals include:
- One in five Brits think you need to earn £70k or more in order to buy a one-bedroom apartment in London
- 4 Million Brits were 40 when they purchased their first home, despite many believing they would buy their first property at 32
- 54% of Brits have no one to help them with a deposit
- More than 7m Brits do not see themselves owning a house and over 3m only see themselves being able to afford a one-bedroom apartment
- 45% of 16-24-year olds think the Government should be doing more to help them get on the property ladder
- 48% of Brits are more likely to queue up for a home than to meet their favourite celebrity or to purchase new technology
Emma Denton said, “This survey reveals that first-time buyers especially worry about raising money in order to fund deposits to buy a property. However, we are seeing that the Government’s Help to Buy scheme is providing more and more young people with the chance to own their own home for the first time.”
Terry Higgins, Managing Director of New Homes Mortgages added, “The government’s Help to Buy Shared Equity scheme makes purchasing a new build property really affordable and with as low as a 5% deposit you can still access some of the lowest rates in the market.”