How long it would take first-time buyers to save for a house deposit if they gave up coffee
manchestereveningnews.co.ukFirst-time buyers are being advised to cut out their caffeinated treats in return for saving for a deposit to get on the property ladder.
But according to an expert, this could take them a lot longer than expected. Latest purchase data provided by Cheddar suggests that the average UK shopper splurges £8.10 each month in coffee shops.
Given that the average house deposit in the UK has hit a staggering £62,664, this means that young Brits could feasibly step onto the ladder by giving up their caffeine fixes - for a whopping 644 years.
First-time buyers are often advised to give up their little luxuries to contribute to their savings. but for those living in London, Cambridge, and Oxford however, it would take them 1,276, 1,149 and 1,119 years respectively of giving up coffees in order to be able to afford to buy a house. READ MORE: The six areas in Greater Manchester where house prices are rising faster than inflation Luke Ladyman, COO and Co-Founder at Cheddar remarked: "For too long Brits have not been given the tools and education to properly manage their finances.
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