The priorities of first-time triers (potential first time homebuyers trying very hard to save up for a deposit) have been revealed by new research carried out by the Principality Building Society. As shown on WhatHouse?, the leading portal for new houses in the UK, no matter how much that deposit is desired, there are some things potential homebuyers find very difficult to give up in order to save money.

According to the research, first-time triers are particularly reluctant to give up satellite TV, beauty treatments and smartphones. The survey, carried out by the largest building society in Wales, questioned 1,000 first-time triers and found that only 12% said they would be willing to give up their smart phone in order to get on the property ladder. Trips to the coffee shop were also cited as being hard to sacrifice. In contrast, some of the first things potential buyers would easily stop in order to save more money include taxi journeys, dining out and takeaway food.

The research also showed that prospective homebuyers were saving on average £281.51 per month towards a deposit but still spending £218.38 on what they considered to be ‘necessities’. One of those necessities was a holiday, with over half of those questioned saying it was one thing they wouldn’t give up for the sake of a deposit.

With the average price of a home (including resale and new build) in the UK currently at £169,414, a 5% deposit would be £8470.70. That amounts to a couple both saving £353 a month each for 12 months. That’s not an easy task, especially with soaring rents and rising in house prices easily outstripping average salary gains. Add in those necessities and it can be even harder to put money aside. Here’s the top 10 monthly necessities for first-time triers:

  • Holidays – £44.91
  • Dining out – £28.67
  • Drinking – £28.13
  • Smart phone – £25.78
  • Takeaways: – £24.43
  • Satellite TV – £18.86
  • Beauty treatments – £16.06
  • Coffee shops – £12.07
  • Gym membership – £10.16
  • Taxis – £9.29
  • Total monthly spend – £218. 38

This research shows that whether it involves a few less takeaways, taxi journeys or trips to the coffee shop, getting that first deposit together is still achievable and especially for first-time triers. To see how much you will need towards your dream new home, why not have a look now on 

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