Emma McAndrew
Could cancelling your Netflix subscription allow you to climb onto the property ladder? That is the advice that Channel 4 star Kirstie Allsopp has given to current first time buyers. Allsopp admitted that she is “enraged” by complaints of today’s housing market being too financially straining, and suggested that young people should strip back on luxuries in order to afford their first home. Coming from someone who bought their first property at the age of 21, Allsopp’s guidance could be seen as from a place of understanding. But times have drastically changed since 1993, making Allsopp’s comments appear ignorant and outdated.
Allsopp’s Comments
The Location, Location, Location presenter has been widely criticised for her series of saving tips which would supposedly help millennials buy their first house. It is often thought of as a highly ambitious goal for young people today, with the cost of a home in the UK presently averaging upwards of £200,000, yet Allsopp is adamant that there are things that can make funding the buy more practical.
She revealed that those newly out of education should consider living in their family home for longer periods of time, and should house hunt in areas that offer cheaper properties. She also advocated that first time buyers should severely limit their spending on socialising, and cut out the likes of streaming subscriptions and gym memberships, which are deemed to be unnecessary costs.
Unrealistic Advice
Whilst this advice may come across as obvious saving suggestions, they are not realistic methods of saving money and do not reflect the economic changes that have shaken up the housing landscape to what we know it as today. Inflation rates have propelled property prices, with the weak correlation between demand and the number of houses on the market also hoisting up the price.
“Today’s buyers are facing an entirely different situation to what Allsopp faced in the 90s, when she purchased her first home for around £51,000. That property would now cost over double of what Allsopp paid”
The inconsistency between escalating housing prices and the ever-growing cost of living is another factor that Allsopp fails to mention when indicating that effective money management is easy to achieve, as is the difficulty of maintaining a permanent job with suitable hours due to an increase in competitiveness across industries.
Even when the bonuses of foreign travel and takeaways are removed from savers’ budgets, there is still an enormous effort needed on top of that to raise enough means to buy a home in the UK.
A Different Landscape
Today’s buyers are facing an entirely different situation to what Allsopp faced in the 90s when she purchased her first home for around £51,000. That property would now cost over double what Allsopp paid when the current rate of inflation is added on, implying that her advice is fuelled with a lack of empathy towards the saving targets that are now needed to purchases properties.
“Eat, sleep, work, repeat is not a pattern that should replace the joys of being young and is not a healthy representation of how to save up for indulgent purchases.”
Not only that, but Allsopp has disclosed that she received a financial boost from her parents when purchasing her first house – a lifeline that not everyone has readily available.
Whether it is monetary support or providing a prolonged domestic environment, these options of parental involvement are not guaranteed to all first-time buyers with the assumption of such making Allsopp appear to be unaware of the advantages that she used to help her afford the buy.
Unfair Sacrifices
Eradicating a social life to reduce the costs of nights out and fun activities is an unfair sacrifice to evoke to millennials, which could fearfully lead to a mentally draining lifestyle.
Eat, sleep, work, repeat is not a pattern that should replace the joys of being young and is not a healthy representation of how to save up for indulgent purchases. Following nearly two years of lockdowns, we should not be made to feel guilty for making up for lost time.
Going to the gym, enjoying coffee dates, booking a holiday and spending time with friends are all components that can contribute to a stable lifestyle. A sensible approach towards expenditure and monitoring budgets logistically should perhaps be taught rather than a kiss goodbye to making treasurable memories.
“Cancelling your Netflix subscription is not the answer.”
Particular cutbacks and hard work is still needed, but a balance between saving money and enjoying our youth surely has to be met.
Blame The Socio-Economic Setbacks; Not The Young
The difficulty of buying a house should not be blamed on the young. Privilege is clearly at the heart of Allsopp’s guidance, which many first time buyers are not fortunate enough to follow.
Even those who are able to move back home, sacrifice their social life and cancel their gym memberships still face huge hurdles when trying to achieve the ridiculous figures needed in the bank to buy a house today.
There are various socio-economic setbacks that need to be overcome when trying to climb onto the current property ladder in the UK.
Cancelling your Netflix subscription is not the answer.
Featured image courtesy of Breno Assis via Unsplash. No changes were made to this image. The image license can be found here.
Emma McAndrew
Emma is one of the Deputy Editors here at Empoword Journalism and a final year journalism student at Edinburgh Napier University. When she isn't studying or editing articles, Emma enjoys keeping active at the gym, going on walks, journaling and reading books.