No electricity an option for first-timers

People are becoming less demanding as buying a home gets tougher
People are becoming less demanding as buying a home gets tougher

One in five aspiring first-time buyers would be willing to purchase a home with no electricity or central heating if it enabled them to get on the property ladder, research has found.

Some 800 house-hunters looking to buy their first property who are registered with estate agents Your Move or Reeds Rains were asked about the sacrifices they would make in order to become homeowners.

One fifth (20%) were prepared to buy a home without electricity and a further 19 per cent were willing to forgo plumbing and central heating in order to buy a house.

Nearly half (45%) of people hoping to get on the property ladder said they would accept a property of any condition, as long as it was within their budget, while 15 per cent were actively trying to snap up a property that needed some renovation.

Three-quarters of potential first-time buyers would buy a home with dated decor or a below-par kitchen, with 77 and 76 per cent of people saying these options respectively would be acceptable.

Around seven in 10 people surveyed would give up buying a new car or going on holiday to buy their own home, while 17 per cent would sacrifice their pension contributions.

Just one in 12 (8%) people hoping to become first-time buyers think they will achieve their ambition by the end of 2015, down from one in six (16%) people surveyed a year ago who thought they would get on the property ladder by the end of 2014.

Immediate cash concerns and fears over the possibility of interest rate hikes were seen as growing barriers to people getting on the property ladder, the research suggested.

Recent figures from the Office for National Statistics (ONS) show that a typical first-time buyer faces paying 5.1 per cent more for a property than they did a year ago.

The average price paid for a starter home in May was £211,000.