Getting enough funds to buy a property isn’t always an easy ride – our research reveals that many people move back in with parents, work overtime or sell possessions to get on the ladder. What lengths did you go to save a deposit for your first home?
I bought my first home almost two years ago, and it was a struggle to get the funds together. My partner and I were living in London paying high rent but low travel costs and having to quell every desire to go out for dinner, pop to the pub, pick up a coffee or book a break away.
It was tough, but our meticulously planned-out spreadsheet of savings was very clear – and if we were truly committed then we’d make it. Friends had managed it, so we were certain we could, too.
How do people save for their first home?
Latest Which? research has revealed some of the lengths first-time buyers go to in order to save for their first home. Which? Mortgage Advisers surveyed over 2,000 people (including 713 first-time buyers), and found that 37% of those who saved for their first home worked overtime, 22% continued living with their parents and 19% sold personal possessions to raise extra money.
We didn’t work overtime, but we did cash in some personal possessions – partly because we needed to declutter and partly because when we moved in together we didn’t need two iPads and two TVs etc. These were small contributions that helped us pay for the comparatively smaller costs, such as a homebuyers’ survey.
Like the 46% of first-time buyers Which? surveyed, we saved up a deposit of 10%. With the average property price in the UK standing at £234,974, that’s a lot of money to try to build up.
Much like the 29% of first-time buyers surveyed, we were also lucky enough to have a contribution from our parents. That extra help was enough to get us over the line and make sure we could seal the deal on our home.
Saving for a home is just the start
It was tough saving for our first home. But at least I didn’t have to make the move back home with my mum and dad. As much as I love them I’m definitely a fan of living independently (and judging by the speed at which they converted my old bedroom into a posh guest room, I’m pretty sure they agree).
Now we’re two years in to home ownership and a renovation project in which we definitely bit off more than we could chew (and also closing in on our wedding day), I’ve realised that saving for a home deposit is a tough game – but really, it’s only the start of it.
How did you save for your first home?
So what about you? Have you managed to buy your own home – and if so, how did you save for your first deposit? Did you make any sacrifices in order to move home?