New research by estate agency Yopa reveals 61% of first-time buyers said saving for their first home had a negative impact on their quality of life.
In a survey of 809 first-time buyers, who purchased their homes between 2024-2026, 61% of first-time buyers say saving for their first home felt they sacrificed far more than everyday luxuries in pursuit of homeownership.
The research found first-time buyers commonly sacrificed meals out and takeaways, holidays abroad and nights out with friends in order to save for their deposit.
Other sacrifices included clothes shopping, concerts and festivals, gym memberships, hobbies and sporting activities; evidence suggest Yopa which highlights the extent to which prospective homeowners have been forced to prioritise saving over their everyday lifestyles.
The survey found 13% reported a significant negative impact, while 24% said the impact was moderate and a further 24% experienced a minor negative impact.
Almost three-quarters (73%) spent at least three years actively saving towards their first property, with 23% taking between five and six years, 16% between seven and 10 years and 17% spending more than a decade building their savings.
The research also found that 46% committed more than 20% of their monthly disposable income towards their first home, with 9% putting aside more than half.
Changing jobs or pursuing a different career was the most commonly cited life decision which delayed home ownership ambitions, followed by having children or expanding a family, moving out of the parental home and getting married.
The research also found that first-time buyers went to considerable lengths to boost their savings, most commonly working overtime or additional shifts, relying on financial gifts from family or friends, or selling personal possessions.
CEO of Yopa, Verona Frankish, commented: “It’s clear that first-time buyers need help getting onto the property ladder, and our research demonstrates the extraordinary lengths people are willing to go to in order to achieve that ambition. For many, it’s not simply a case of sacrificing holidays or nights out, but putting major life milestones on hold, delaying career progression and spending years saving every spare penny.
“So while it’s encouraging that the Government recognises the need to support first-time buyers, there is a very real danger of repeating the mistakes of the past. Schemes that increase purchasing power without delivering sufficient additional housing risk pushing prices higher, while those buying with very small deposits could find themselves particularly exposed to negative equity should property values fall, especially where new-build premiums are involved.
“What we really need to see is meaningful action to increase the supply of homes that first-time buyers can genuinely afford, rather than another initiative that primarily fuels demand. Helping people onto the ladder is important, but ensuring they can purchase a suitable home at a sustainable price is just as crucial.”
