First-time buyers become 'two jobbers'

By Laurie Osborne, Editor
Published 1st May 2006, (a Monday) at 10:30AM
www.in2perspective.com 

In some areas of the UK, almost one in five first-time buyers have two jobs, according to Bradford & Bingley's third annual First Time Buyer Report.

‘Two jobbers', as Bradford & Bingley call them, 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.

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."

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