A leading estate agent has suggested young people cut back on “luxuries” like sandwiches if they want to save up for a house.
Strutt & Parker estimated that making up a packed lunch rather than buying sandwiches could save aspiring first-time buyers £2,576 a year. Dispensing with takeaway meals could save another £2,640.
The company’s gimmicky report is the latest to question the spending habits of millennials, the kind of dismissive naiveté that wishes away financial pressures by mentioning the popularity of lattes and avocados.
With the average deposit in London costs a staggering £94,000 (and the UK average around £33,000), rents rising above inflation, and a long-term squeeze on real wages, getting a mortgage has never been more difficult.
Yet Strutt & Parker analysts make the audacious claim that minor lifestyle changes could help a professional couple save £64,000 in only five years.
If a couple sacrifices six luxuries for at least five years, they can put away significant savings
Their figures seem to be based on the small minority who can afford lavish nights out (soirées amounting to £6,000 a year, apparently), and can already expect some help from the bank of mum and dad.
“Our research has shown that if a couple sacrifices six luxuries for at least five years, they can put away significant savings to help stretch up to that all-important first rung,” said Stephanie McMahon, head of research at the firm.
It’s safe to say not everyone was convinced.
Wish we'd thought of this!💡 https://t.co/pBdPOyY6pG
— Shelter (@Shelter) November 14, 2017
I've been making my own damn sandwiches for a decade and I'm no closer to buying a house than my friends who've been chowing down on pastrami baguettes every day for the same period. THE SANDWICH NARRATIVE NEEDS TO DIE.
— Rachel England (@Rachel_England) November 14, 2017
First, they came for the avocado toast
Then, they took the sandwiches
In the end, they took the Poundland biscuits and the food out of our mouths…
And we still couldn't afford the FUCKING DEPOSIT.
— Danie Ware (@Danacea) November 14, 2017