Does estate agency’s claim that millennials could save £33k in five years ‘by quitting coffee and takeways’ add up?

Upmarket estate agency Strutt & Parker has attracted ridicule and anger after suggesting that would-be homebuyers could rustle up a £33,000 deposit if they “just” gave up on holidays, coffees, takeaways and phone upgrades.

An article published in the property group’s own in-house publication cites a variety of extravagances which it suggests thrifty savers go without. This would result in a couple saving up a deposit for house purchase within five years, and would be “beneficial” for the whole housing market, it claimed.

“It is possible for couples – who make up 80pc of first-time buyers – to save £33,000 by giving up just six things for five years,” the article cheerfully asserted.

Elsewhere the article appeared to blame younger generations for the adverse effect they were having on the housing market by not making these sacrifices in order to buy.

It said that “if more young people are able to save a deposit and enter the market, the benefit will be felt by all homeowners as they move up the property ladder.”

The article was shared on social media and resulted in a storm of protest, with critics suggesting it was naive and downright erroneous.