Caravan Insurance

Some people would temporarily give up caravanning if it enabled them to make that crucial first step onto the property ladder, a new report has shown.

Although house price growth now seems to be slowing slightly, affordability difficulties are still a concern for first-time buyers, with the Council of Mortgage Lenders recently warning that the average cost of a property is now 3.29 times their typical annual income.

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Yet demand is so strong that many Brits are nonetheless happy to go to huge extents to buy their first home, according to the Abbey's report, with more than half willing to forego holidays until they have saved up enough for a deposit.

Head of mortgages Nici Audhlam Gardiner commented: "With first-time buyers struggling to get onto the first rung of the property ladder, prospective homeowners are having to make big sacrifices to build their finances.

"However with a typical first-time buyer taking as long as five years to save up a five per cent deposit, people would need an iron will to sacrifice anything they enjoy for that long."

Expensive vacations can undoubtedly hamper borrowers' efforts to build up their finances, with a survey by Yorkshire Bank showing that one in three holidays booked early in 2007 was put on credit card.

However, it is likely that most caravanners will not be deterred by the costs of following their favourite pursuit, with mobile home holidays accounting for one in five domestic breaks taken by Brits at present.

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