Yahoo Movies Estate agent says millennials should stop eating sandwiches if they want to buy a house in London
Getting on the housing ladder is a big problem for millennials but it’s a problem that could apparently be solved by eating less sandwiches.
According to estate agents Strutt & Parker, those living in ‘Generation Rent’ could build up £64,000 towards a deposit if they made “relatively small changes”.
One of the six luxuries identified by the agents are sandwiches and salads – which costs the average millennial approximately £2,576 every year.
Instead, they suggest making lunch at home and taking it into work in an effort to start building up the vital deposit.
Other areas where potential homeowners could make saving are on giving up on a weekly night out – saving a staggering £6,000 a year.
Cutting out takeaway meals would save £2,640 from household spending, while giving up an annual foreign city break could save an estimated £700.
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Playing the lottery may be a shot in the dark to get the deposit – and cutting it out would save approximately £832 a year and giving up a mobile phone upgrade could save £154.
With these savings in place, the agents estimate that a decent deposit could be saved up in as little as five years.
Stephanie McMahon, head of research at Strutt & Parker, said: “Getting on the property ladder in London is harder than ever, and with an average deposit of £94,000, people are thinking, ‘What luxuries am I willing to forgo now that will pay off five years down the line?’
“Those lucky enough to have family that can help will receive an average of £29,400 towards their goal, but that still leaves £64,000 to find.
“Our research has shown that if a couple sacrifices six luxuries for at least five years, they can put away significant savings to help stretch up to that all-important first rung.”
Home ownership among young Londoners has fallen dramatically over the past 25 years, with house prices putting owning a home in the capital impossible for many.
