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What Luxuries Would Millennials Have to Give Up to Afford to Buy a House?

Can giving up your Netflix subscription and skipping on your morning coffee really help you afford a house deposit?

Credit: Alicia G. Mondedero / Shutter Stock

As most of us know, it’s seems virtually impossible to make it onto the property ladder, especially as a first time buyer. But can giving up some of our favorite little ‘luxuries’ in life help you afford a house deposit?

Becoming a property owner in the UK has never felt so out of reach as housing prices at an all time high. What’s more, the cost of living continues to rise, and salaries barely increase, making it incredibly difficult for people to make it onto the property ladder. 

But no one is more affected by this than the younger generations, as new research from Halifax revealed that the average age of a first time buyer is now over 30 – and this is in every single part of the UK. 

Looking back, in 1989, over 50% of people aged 25-34 were homeowners. In 2019, this figured almost halved to just 28% of 25-34 year olds. In 2021, there appeared to be a record growth in first time buyers, but the new average house price is a whopping £264,140 – a hefty price tag that only a few can afford. 

But if the right-wing commentators are right, then millennials and Gen Z’ers just need to stop ordering frappuccinos and paying a monthly gym membership in order to afford their own place. 

Here’s the thing – the math just doesn’t add up, and giving up life’s simple pleasures won’t save you enough money to afford a deposit. To prove it, we’ve taken some of the most common “luxury” expenses, like Spotify and Netflix subscriptions, and worked out how many years you’d have to go without them to be able to afford the average house deposit in each region of the UK. 

In most instances you’d have to go decades, if not over a century, to be able to save enough money for your own home. 

Credit: RODNAE Productions / Pexels

Although London is the most expensive city in the UK, it’s not just in the capital that saving enough for a deposit is an issue. When looking at the figures you’ll see that this is a nationwide issue, and no matter how much scrimping or saving you do, it’s unlikely that’ll you have enough for your own home. 

Let’s take a look at what would happen if you gave up some of these luxuries…

Starbucks, £2.85

Credit: Engin Akyurt / Pexels

One of the biggest millennial criticisms is that they spend too much money on takeaway coffees. But can a couple of lattes a week really be making you miss out on being a homeowner?

If we calculate the figures based on an average of 3 Starbucks lattes a week, then it would take decades, if not centuries to be able to scramble together the average deposit price. 

In the North East, it would take about 60 years of no coffee to be able to save enough for a deposit, but in London, it would take almost three centuries. 

The moral of the story? Get that flat white!

How Many Years Of Giving Up Starbucks Coffees to Save For a UK House Deposit?

  • London: 278.7
  • South East: 156.8
  • South West: 134.3
  • North East: 59.8
  • North West: 79.1
  • Scotland: 81.2
  • Wales: 76.5
  • Northern Ireland: 91.6

Tesco Meal Deal, £3.50

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There’s nothing better than putting together your favorite meal deal selection during your lunch break, even if your a ham sandwich, ready salted crisps, and bottle of water type of person, it’s just the ultimate value for money. 

And even though Tesco announced in February that they were raising the price of the lunchtime bundle from £3 to £3.50 – much to the dismay of the general population – it is still one of the most popular lunchtime options. 

On average, UK customers purchase meal deals at least twice a week, but what can skipping this £7 purchase mean for the housing market? 

Well, with the exception of the North East, you’re looking at at least 90 years of no meal deals to save enough for a house deposit. Let’s just say the figures speak for themselves…

How Many Years Of Giving Up Tesco Meal Deals to Save For a UK House Deposit?

  • London: 397.1 
  • South East: 223.4
  • South West: 191.4
  • North East: 85.2
  • North West: 112.7
  • Scotland: 115.7
  • Wales: 108.9
  • Northern Ireland: 96.9

PureGym Membership, £12.99 Per Month

Credit: Craig Russell / Shutter Stock

For a lot of people the gym is their own personal sanctuary, and they find that exercising a couple of times a week does wonders for their physical and mental health. 

PureGym is one of the cheapest places to workout in the UK at just £12.99 a month, and with one in almost every city in the UK it’s pretty popular. 

But if you ditched the weights and rowing machines for home workouts, how much would you actually save? 

The answer is, unsurprisingly, not a lot, as it would take a minimum of 170 years to be able to afford a deposit. 

How Many Years Of Giving Up A PureGym Membership to Save For a UK House Deposit?

  • London: 784.9
  • South East: 447.2
  • South West: 383.1
  • North East: 170.6
  • North West: 225.5
  • Scotland: 231.6
  • Wales: 218.1
  • Northern Ireland: 193.9

Spotify Premium, £9.99 Per Month

Credit: Kaspars Grinvalds / Shutter Stock

Music makes the day just a little more bearable, and many of us cannot go without our £9.99 monthly Spotify subscription. Although you can use Spotify’s services for free, nobody wants to hear ads for mattress companies when they’re on their tenth listen of All Too Well (Taylor’s Version)

But you’d have to give up at least 220 years of ad-free listening to be able to afford a house despot, and frankly, we just don’t think it’s worth it!

How Many Years Of Giving Up Spotify Premium to Save For a UK House Deposit?

  • London: 1033.6
  • South East: 581.5
  • South West: 498.2
  • North East: 221.8
  • North West: 293.3
  • Scotland: 301.1
  • Wales: 283.6
  • Northern Ireland: 252.2

Netflix Subscription, £9.99 Per Month

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As Netflix’s monthly subscription costs the same as Spotify Premium, expect to be waiting the same amount of years to be able to afford your deposit. 

But unlike Spotify, you can’t use Netflix’s services for free, so you’d have to give up on the service completely in order to save up enough – and that won’t do when we’ve got season 2 of Bridgerton to binge!

So there we have it, the maths behind the madness, and like usual, the right-wingers are way off! It seems that no matter how many coffees you give up, or how many Netflix originals you skip out on, it’ll take decades for you to save enough for a deposit. 

We suggest not giving up on the last morsels of joy you have left in the world. You may not be a homeowner, but at least you’ll have instant access to Olivia Rodrigo’s album when the person you’re dating takes over 24 hours to respond. 

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Content Writer and freelance journalist with an MA in Creative Writing. Passionate about films, books and general media.

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