Forego 3,000 Pints And You Could Afford a UK House Deposit, Survey Finds

Forego 3,000 Pints And You Could Afford a UK House Deposit, Survey Finds

The average adult would have to give up more than 3,000 pints in their lifetime to afford a house deposit in the UK, a survey has revealed.

The survey of more than 1,500 over-18s in the UK, all of whom were taking part in Dry January, found that 69% cited saving money as their main reason for participating.

The delivery of affordable housing has stagnated over the last 10 years, and self build offers a viable alternative: helping many climb several rungs up the property ladder and typically enjoy a profit of 25% on their investment, as reported in the Homebuilding & Renovating Self & Custom Build Market Report 2017.

(MORE: Self Build: The Complete Guide)

As part of the Dry January survey by shutters and blinds supplier Thomas Sanderson, it was revealed that the average participant would save £73.40 over the course of the month.

The researchers estimated that the average Dry January participant aged 25 would drink the equivalent of £6,150 in their lifetime, which equates to 52% of the average deposit needed for a home. The average 30-year-old would have drunk away £10,570, or 91% of the average deposit. 

Those in London would have to give up 5,167 pints to afford a deposit, while Northern Ireland residents would have to give up the fewest number of pints: 1,750. Across the whole of the UK, the average number of pints to give up to afford a house deposit was 3,174.  

Renovation Goals

With 18% of participants saving money to afford things around the house, the average participant would save enough to renovate their kitchen if they remained dry for eight years and 20 weeks. 

(MORE: How to Renovate a Kitchen)

The survey also revealed that a couple could save up to £3,000 after 18 months of going dry, which would be enough to replace the average bathroom. 

The average number of pints that would make up the minimum deposit in these areas, via Thomas Sanderson:

1. Northern Ireland  1,750 pints
2. North East 1,838 pints
3. Scotland 1,911 pints
4. North West 2,276 pints
5. Wales 2,293 pints
6. Yorkshire & Humberside 2,364 pints
7. East Midlands 2,659 pints
8. West Midlands 2,770 pints
9. UK average 3,174 pints
10. South West  3,445 pints
11. East of England 3,888 pints
12. South East  4,105 pints
13. London 5,167 pints

This post first appeared on https://www.homebuilding.co.uk

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