Buyers taking on more work

First-time buyers are taking on second and even third jobs in an effort to raise enough money to buy a home of their own, new research from Abbey Mortgages has suggested.

The study found that 39 per cent are ready to take on a second job in order to afford a home, with 16 per cent going one step further and looking for two additional jobs.

In light of such facts it is unsurprising that a quarter of buyers say they are thinking of relocating to a less expensive area so that they can get their foot on the housing ladder.

"It’s interesting to see the lengths that people are prepared to go to for their first property. Although it can be more difficult these days to become established on the property ladder than it has been for previous generations, there are still a number of options for first time buyers that don’t require taking such drastic measures," asserted Nici Audhlam-Gardiner, head of Abbey Mortgages.

Lending conditions for first-time buyers are now at their worst levels for 16 years, the Council of Mortgage Lenders revealed earlier this month.

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