First-time buyers 'must be prepared to make sacrifices'


Standard energy rates will be capped from January 2019, but switching with us could save you as much as £482* on your annual energy bills.

in partnership with Banner uswitch

Looking to switch your business energy supplier? Click here

* Between 1 Jan 2018 and 30 Jun 2018, at least 10% of people who switched energy supplier for both gas & electricity with uSwitch saved £482 or more.

An expert has warned that first-time buyers in the UK must be prepared to make sacrifices to get onto the property ladder.

Michael O'Flynn, content editor for, stated that people in the position should consider "missing out" on going for dinner or having holidays for a couple of years if they want to buy a home.

He also went on to explain why people may be forced to make such moves.

"In the current economic climate where mortgage lenders are tightening their loan criteria, it's highly unlikely that first-time buyers will be able to secure a mortgage without a minimum deposit of ten per cent of a property's value," he outlined.

"Looking at the figures from Nationwide and Halifax, that equates to a deposit of between approximately £16,500 to £17,500."

Recent research by Nationwide found that the average price of a house in the UK stood at £164,654 in August, which was a fall of 1.9 per cent on the previous month.

Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.

Found this page interesting?

Help spread the word and share this page with your friends and family on your social networks.

Cookies help us deliver our services. By using our services, you agree to our use of cookies. Learn more