An estate agents has warned millennials to give up on phone upgrades and city breaks or risk being priced out of the London housing ladder.
Research has suggested that ‘relatively small changes’ could see young adults save enough for the capital city’s average deposit of £64,000 in five years – but only with a bit of help from the Bank of Mum and Dad.
Among the recommendations is preparing your daily lunch at home instead of buying sandwiches from the high street, which could save £2,576 annually.
Estate agents Strutt & Parker also suggests that cutting out one night on the town each week could see potential homeowners save up to £6,000 a year.
An estate agents has warned millennials to give up on phone upgrades and city breaks or risk being priced out of the London housing ladder.
Refusing a mobile phone upgrade could save £154 annually, while resisting the temptation of a takeaway could lead to yearly savings of £2,640.
Avoiding a yearly city break to a foreign country would help aspiring buyers save another £700 towards a deposit on a home.
Stephanie McMahon, head of research, said analysis showed that giving up on these luxuries could help buyers achieve their dream within half a decade.
‘Affordability is a problem for every major city around the world,’ she said. ‘In London, it is raising the deposit that is a particular challenge.
‘Getting on the property ladder in London is harder than ever, and with an average deposit of £94,000, people are thinking, ‘What luxuries am I willing to forgo now that will pay off five years down the line?’
‘Those lucky enough to have family that can help will receive an average of £29,400 towards their goal, but that still leaves £64,000 to find.
Avoiding a yearly city break to a foreign country would help aspiring buyers save another £700 towards a deposit on a home
Our research shows that if a couple sacrifices six luxuries for at least five years, they can put away significant savings to help stretch up to that all-important first rung.’
An Australian millionaire property tycoon made international waves this year after he slammed first home buyers for buying smashed avocado and expensive coffee.
Tim Gurner said his generation could become home owners by changing their lifestyle habits.
‘When I was trying to buy my first home, I wasn’t buying smashed avocado for $19 and four coffees at $4 each,’ he said.
The controversial segment became a trending topic nationally, but quickly drew the attention of international news outlets.
It comes after an Australian millionaire property tycoon made international waves this year after he slammed first home buyers for buying smashed avocado and expensive coffee