Two fifths of first-time buyers had to rebuild their lives due to compromises they made to get on the housing ladder.
Buying is so stressful for first-time buyers that a third (35%) get ill and a similar proportion have relationship issues (34%), Aldermore’s first time buyer index has revealed.
Two fifths (40%) felt they had to rebuild their lives due to compromises they made to get on the housing ladder.
Indeed, one in five (20%) had to wait six to 10 years to save money for a deposit and to do so more than a third (37%) cut back on holidays and eating out.
Charles McDowell, commercial director of group mortgages at Aldermore, said: “Buying a first home is an empowering experience and can provide financial control, but our research shows the sacrifices being made by first time buyers to reach that first rung of the property ladder are negatively impacting their health and personal relationships.
“The affordability ratio has doubled since 1997 demand is currently outmatching supply, and these difficulties are directly impacting first time buyers’ wellbeing.
“First-time buyers are the driving force of the property market, but they are currently being priced out.
“More needs to be done to tackle these issues to ensure they have the best opportunity to buy their dream home.”
