The study showed 16 per cent would also be prepared to consider moving abroad to where house prices were within their reach. FTBs attitudes to what they would sacrifice to get on the property ladder also shifted, with one in five now prepared to sell items of sentimental value – double the number that would consider such an option five years ago.
Abbey’s research suggested that FTBs have become more willing to take on extra jobs in order to secure their first home. Of those surveyed, 39 per cent were prepared to take on a second job, while almost one in six were searching for a third.
Nici Audhlam-Gardiner, head of Abbey Mortgages, commented: “It’s interesting to see the lengths that people are prepared to go to for their first property. Although it can be more difficult these days to become established on the property ladder than it has been for previous generations, there are still a number of options for FTBs that don’t require taking such drastic measures.”
James Cotton, mortgage specialist for London & Country, said: “If this is true, it shows an unhealthy obsession with getting on the ladder, with owning a house more important than living where you want. Now could be the time for FTBs to bide their time, as it could soon become more of a buyer’s market.”
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