August 8th 2024.
It seems that owning a house is a major goal for many Brits, and it's no surprise considering the current economic state. Saving up for a house deposit is a daunting task, especially in places like London where the cost of living is high. In fact, a staggering 45% of the population has only managed to save £10,000 or less for their deposit fund.
The situation is so dire that those who have yet to become homeowners are willing to make sacrifices in order to save enough for a down payment. And no, it's not just giving up avocado toast or Starbucks, as some may think. It's something even more essential to our lives - sex.
According to a study by Bloom Stories, a quarter of Brits would give up sex for an entire year if it meant they could finally have enough for a house deposit. This just goes to show how desperate the situation is for Gen Z and Millennials. These young adults are half as likely to own a home compared to those 30 years ago.
In the study, Gen Z emerged as the age group most willing to forego sex for this reason. Half of them said they would gladly give up intimacy if it meant being able to afford a new home. This isn't surprising considering that 80% of Gen Z are desperate to own a property, but with the average Londoner needing 37.5 years to save for a 10% deposit, it's no wonder they are willing to make such sacrifices.
But it's not just sex that Gen Z is willing to give up. A third of them said they would even sacrifice it for a pay raise at work, while over a quarter would abstain if it meant getting a promotion. This aligns with the idea that this younger generation prioritizes financial stability over sexual desires.
In contrast, older age groups value sex more and are less willing to give it up for any financial incentives. Among those aged 35 to 44, 32% said they would choose to remain sexually active rather than have a house deposit, pay raise, or promotion. This percentage is even higher for those 45 and older, with almost half choosing intimacy over owning a home.
When it comes to gender differences, men were found to be more resistant to giving up sex. 45% of men said they couldn't live without intercourse for a year, regardless of the reason, while only 23% of women felt the same. However, it could also be due to the fact that 76% of respondents in a Share To Buy survey believe that buying a home, especially as a single person, is unattainable in today's market.
The reality is that saving for a house deposit will not be an easy journey, regardless of whether we give up sex or not. Mortgage broker Alex Morris explains that the absolute minimum for a house deposit is 5%, but there are some lenders who offer a 0% deposit mortgage if you meet certain criteria. However, even with a 5% deposit, it would still amount to £20,990 for a flat priced at £419,800.
So while it may seem tempting to give up sex in exchange for a house deposit, the sad truth is that it will take a lot of scrimping and saving to reach our goals. And since an orgasm doesn't cost a penny, we might as well enjoy it while we continue to work towards our dream of owning a home. Do you have a similar story to share? We'd love to hear from you, so please feel free to email us.
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