The average house deposit in 2017, for first-time buyers outside of London, was £26,2241. This is up 108% in comparison to ten years ago. With the average income of first-time buyers having only increased by almost 17% over the same period, it can often feel like an uphill struggle to save enough for a dream home in today’s world. So it’s not a surprise then that the average age of first-time buyers has increased too, giving longer to piggy bank those extra pounds. But it is do-able, even if you aren’t an extreme saver.
We teamed up and worked with LV= Liverpool Victoria, the UK’s largest friendly society, who did the research to help you find an extra saving technique or two, to get you closer to that first home. Huge lifestyle changes can’t be done by everyone, but simple every day savings can make a considerable difference when it comes to saving money for those key life moments.
Here are the top five savvy ways to kick-start that first home fund:
1. Rent your wardrobe
Not ready to sell any of your clothes for good but still want to make some cash out of your wardrobe? With apps such as Rent My Wardrobe, you can put cash in your pocket and keep your clothes. If you’ve got dresses hanging up that you only wear on occasion, why not rent them out as formalwear? You can decide the price and, you never know, it might be exactly what someone’s looking for.
2. Join the food sharing revolution
With food prices rising year on year, your standard food shop can become unaffordable, and as a result more and more people are beginning to seek alternatives. A whole host of apps, a leader being Olio, allow you to share, give and collect food completely for free, saving you money off your weekly food shop.
What’s more, this way of eating has a double benefit, as not only are you saving money by taking others’ food, you’re also reducing food waste, which is something we should all be making a conscious effort to do. If you’re going on holiday or moving out of your house, this initiative is a fantastic way of ensuring no food goes to waste.
3. Allow nosy parkers in
If you have a driveway or parking space near a big event, near offices or close to a transport link, you could be in for some serious cash. Depending on where you live, you could earn up to £200 a month (potentially more!) just for letting somebody park in your driveway or garage. The most covetable spaces tend to be in city centres, but this is one to check out if you want to make cash in an easy way.
4. Become an interior star
Hiring out your home can be extremely lucrative as well as a fun experience. Everyone from photographers to film directors to magazine editors are looking for the perfect backdrop for whatever they’re shooting, which could just be your home. You could earn up to £500 per day for your house, as well as getting the buzz of seeing your home on TV, in a film or in a magazine. A well-known company for this kind of renting is Location Works, an agency with more than 4,000 properties on its books that can be used for location filming and photography.
5. Dive into car pooling
Already hugely popular in countries such as France and Italy, carpooling is becoming more and more common in the UK too. This can make trips within the UK far more affordable, as opposed to flying or taking the train, and can be an extremely cost effective way of getting to work. Most rides will ask for some form of contribution, but this is often far cheaper than the alternative ways of travelling. Plus, who knows, maybe you’ll make a friend for life.
