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

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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 FindaProperty.com, 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.

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