Thousands of first time buyers taking a second job to get a property: UK Property Shop News

As house prices continue to rise, families are pulling out all the stops to get the next generation on the property ladder.

* 42% of first-time buyers are receiving help from their parents
* Thousands of first time buyers taking a second job to get a property
* 43% of first time buyers have thought about giving up buying altogether

Bradford & Bingley's third annual First Time Buyer Report (based on the UK's biggest survey of first time buyers), reveals that just when many parents should be enjoying a golden retirement thousands are raiding their savings and having to contribute to their children's mortgage to help them get on the property ladder. Some are even putting off retirement and re-mortgaging; whilst others are making changes to their lifestyle.

50% of parents helping their children will give them the deposit for their first home; nearly double the number who were giving, or lending their children a deposit one year ago. One in ten first time buyers receiving assistance are buying jointly with their parents, or relatives.

Two Job Culture

First time buyers aren't all relying on their families, though as one in ten are so desperate to get on the property ladder that they are taking a second job to make it possible. 'Two jobbers' are working on average just under 12 hours extra per week. Others are working longer hours in their main job with nearly one-quarter (23%) working an average nine and a half-hours overtime each week to enable them to buy sooner.

First time buyers are not only working longer hours but also making sacrifices to their lifestyle in order to save harder. Of these 55% are spending less going out to bars, clubs and restaurants and 26% are cutting back on mobile phone bills, TV subscriptions and gym membership.

Help with additional costs of buying

Not only are families paying deposits, but 9% are paying the other costs involved with buying such as stamp duty, legal fees and surveys. 11% of those first time buyers making changes to their lifestyle to get on the ladder move back in with their parents to avoid paying rent. Parents might think that when their children finally get the keys to their property they no longer need to help, but 14% are also given furniture.

Duncan Pownall, Bradford & Bingley's mortgage development manager said: "The message we are getting from our Report's findings is that many first timers are prepared to compromise, work hard to save for a deposit and look to their families for extra help if needs be. As house prices continue to rise, families are having to help more to get the next generation on the property ladder."

Bradford & Bingley's tips for first time buyers:

* Do your research before you go househunting
* Do make the most of being chain-free when negotiating
* Don't get pressurised by the vendor, or estate agent
* Do ask questions about anything you don't understand - the experts are there to help you
* Don't buy anything that looks like it needs work if you don't have the budget to do it up
* Do stick to your budget and avoid additional costs

Despite the huge amount of help being given by families, one fifth are still taking four years or more to get on the ladder and 58% are having to compromise on their first property. 9% of those compromising move to another area of the country and 4% buy in a different area from where they live and let their property out just to get on the ladder.

Duncan Pownall continued: "Home ownership is one of the nation's top aspirations. Whilst 43% of first timers we talked to have at some stage thought about giving up buying they have all since bought, or are looking to buy this year. Most first timer buyers have to strike a balance between how much they want that expensive holiday or new car and how soon they want to have the keys to their own property. As house prices, council tax and utility bills rise, banks are responding by coming up with new products specifically for first time buyers that look at what someone can afford to borrow rather than the old fashioned income multiples."