First-time buyers 'making sacrifices to purchase homes'

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First-time buyers are sacrificing luxuries such as eating out and holidays in order to afford homes, according to a new study.

Research by the Co-operative Bank and Places for People found that people are also prepared to not buy new clothes, quit smoking and reduce their alcohol consumption to get on the property ladder.

It was also found that only one in ten first-time buyers do not want to make sacrifices when buying a new home, which is a major fall from 57 per cent 12 months ago.

Victoria Drummond, operations manager for shared equity scheme Ownhome, said: "This new research shows that the dream of owning a home is now out of reach for many first-time buyers.

"As a result many more people are being entrepreneurial and making sacrifices in a bid to try and claw their way onto the property ladder."

Recent research by Yorkshire Bank claimed that a number of homeowners in the UK are looking at their garden as a way of adding value to their properties.

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