Smoking ban should be an incentive to save for a property

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by Kay Murchie

According to Abbey Mortgages, the average smoker could save around £1,288 per annum by giving up cigarettes. Therefore, a couple who both smoke could save double this amount and save for a deposit by this time next year. It costs the average first time buyer around £5,280 to move.

A smoker may also find it encouraging to learn that they have to work for 23 minutes before they can afford a packet of cigarettes – the same amount of time would also buy approximately 25 house bricks. In addition, by quitting smoking for 1,706 days you could save enough money to buy around 3,000 bricks - enough to build you own home.

According to the research from Abbey, 43% of prospective first time buyers would give up smoking to get onto the property ladder. The broker believes the smoking ban is just the motivation they need.