We all know that we need to save for a deposit if we want to get a foot on the ladder, but it’s a lot easier said than done! Debbie Clark summarises some small changes which can accelerate your saving journey. As the old saying goes, if you look after the pennies then the pounds will look after themselves!
Let’s start with the boring stuff. It’s not possible to know where you can make savings unless you know where your money is going. Start by taking a thorough look at your online banking; most banks have tools to help you analyse your current spending – use them!
Some spending is non-negotiable, namely your rent and bills. Do you know when this money leaves your account? If you are paid monthly, it is useful to time these for just after payday so you can clearly see what money you have available for the rest of the month. Even better if you can automate saving at the same time – make it a non-negotiable too, rather than hoping there’ll be some left at the end of the month.
While some outgoings are essential, don’t assume savings are impossible. With most insurance firms, for example, you pay a premium to pay monthly. If you can afford to, pay up-front. It may feel like a big hit to your savings but will save you more in the long-run. Check your utility companies and mobile provider too to check you are getting the best prices. If you are able to make savings, automate that saving too – you’ve already been paying it so won’t feel the hit. There are likely other areas you can identify where you could make savings, however small. Many people have unused subscriptions, or long-forgotten memberships, for example. Your online banking is also a great place to check for these.
Be honest with yourself about how much you are using these subscriptions, and if you would miss them. If you are keen to take a deeper dive into your spending, apps like YNAB and Mint can help you to track your finances systematically and identify any patterns. In any household, food shopping is one of the biggest expenses, so this is another great place to make small changes. Meal planning will help save money and avoid unnecessary waste, especially if combined with batch cooking, so try to always shop with a list and stick to it, opting for generic products, not brand names. Look out for community pantries in your area too – helping the planet while you save. Saving for a new home is also the perfect time to declutter, embracing minimalism! Could you make some money selling items on Vinted or Facebook Marketplace? It might help to ask yourself if you envisage those items in your new home. When shopping, focus on only buying what you really need. If you know you’re an impulse buyer, try imposing a 30-day rule – if you’re tempted to spend, wait. If you still want it a month later, go ahead! However, don’t make any purchases without doing your research…
The internet makes it very easy to compare prices fast. There are also usually discount codes to be found if you look hard enough, and always check to see if cashback is available (take a look at Topcashback, Quidco and other major cashback sites). Check too for any loyalty rewards or offers from your bank or credit card.
Planning for your future home is a great time to focus on your health too – reducing or quitting tobacco or alcohol will have fantastic benefits for both your health and finances. If you’re a gym member, consider switching it up and exercising at home, using online workouts or apps to make savings on a pricey membership. Remember, saving doesn’t have to be lonely. Chances are if you are struggling to save, friends are too. Talk to them about your goals and plan activities together like walks, movie nights and free museums. You could plan a “no spend weekend” with friends or family too, using up leftover food from the week.
You could even suggest book swaps with friends, or skills swaps (“Could you help with some DIY, and I’ll do your nails?”) to allow you to enjoy some luxuries that you may otherwise be missing while saving. Finally, with the festive season on the horizon, be careful not to let all your hard work go to waste. Budget frugally for any gifts or special events and, when you’re tempted to blow that budget, keep the dream of that first Christmas in your own home firmly in the front of your mind!
Expert Comment
Having a healthy credit score can be the key to unlocking a great mortgage deal. Your score shows how lenders will view your creditworthiness – which is your ability to manage credit well. So, the better your score, the more likely you are to be accepted at the best rates.
Here’s my top tips for how you can improve your credit score:
Check your report and score
You should regularly check your free Experian credit report and score so you know where you stand. If you’re applying for a mortgage, you’ll want to check at least six to 12 months in advance. Then you can monitor your credit score to track your progress and make sure you’re ready to apply.
Pay your bills on time
Just one missed payment can have a big impact on your credit score, so you’ll want to make sure you keep all your payments up to date. Setting up direct debits will help to avoid any mistakes.
Reduce credit card balances
Having credit card balances that are close to your credit limit can have a negative impact your score. So, think about paying balances down before you apply. A good rule of thumb is keeping your balances below around 25% of the credit limit. If you’re on a promotional rate this rule might not apply in the same way.
Get on the Electoral Register
Being on the Electoral Register not only improves your Experian credit score, but it also helps lenders identify you when you apply. Just make sure to re-register as soon as you move into your new home.
Don’t apply for lots of new accounts
Applying for lots of accounts in a short space of time can reduce your credit score. So, try not to take out any new credit for a few months
John Webb, Consumer Affairs, Manager, Experian
Homes on the Market
L&Q at Victoria Riverside From £86,625*
CENTRAL MANCHESTER
This contemporary collection of 128 one and two bedroom shared ownership apartments is situated within Manchester’s Green Quarter. The development is conveniently located moments from some of Manchester’s best green space and a short walk from Manchester Victoria station, offering regular services to Liverpool in less than 40 minutes, Leeds in 55 minutes and Manchester City airport in 30 minutes. Residents will have access to the on-site gym, concierge service and co-working space, while being within walking distance of a selection of independent restaurants, bars, cafes and shops. Deposits start from £8,663.
lqhomes.com/victoriariverside
01619 680 022
*Based on a 35% share with a full market value of £247,500
Sunningdale Park From £106,250*
SUNNINGDALE
Sunningdale Park is a new collection of one and two bedroom homes, ideally located between Sunningdale and Ascot and set within 47 acres of historic Grade II listed parkland dating back to the nineteenth century. A former country estate, residents of Sunningdale Park will benefit from high specification homes and the surrounding vast country park on the doorstep, complete with gardens, lakes and extensive natural woodland. Sunningdale Park is the ideal place to relax, with woodland trails, wildlife and spectacular views.
abrihomes.co.uk/properties/sunningdalepark
0800 114 6663
*Based on a 25% share of the full market value of £425,000
Goddard Street from £82,000*
Crewe, Cheshire
This brand new collection of two and three bedroom houses is just moments away
from the vibrant town centre. The energy efficient homes are designed to optimise space and light, providing cost-saving benefits. Characterised by high-quality and elegant finishes, they feature modern interiors, spacious living areas and integrated appliances. They also offer a private rear garden and allocated parking. Handily, Crewe’s historic railway station is one of the biggest and best connected in the North West, with fast connections to stunning rural settings and major cities.
guinnesshomes.co.uk/developments/goddard-street
01270 503 526
*Based on a 40% share of the full market value of £205,000
Case Study
First time buyers Samantha, 31, and Sean, 30, are the proud owners of a new two bedroom house at Chesterford Meadows in Great Chesterford, Essex. The savvy savers were amazed to be able to achieve this two years sooner than originally planned, thanks to a generous incentive from The Hill Group.
Samantha explains, “In three years, we’d saved £30,000, but the reality is that this isn’t enough to buy a home, especially in this area. Although we knew we didn’t have enough in the bank yet, Chesterford Meadows was on my radar, and I couldn’t get it out of my mind. I persuaded Sean that we should go and take a look and Alan in the sales office here was really encouraging.”
Like many, the couple had assumed that they would need to use a Government scheme to buy their own home, so were surprised when Alan explained that with the housebuilder’s deposit contribution incentive, which was available on selected plots, they could receive a gift of £15,000 towards the house; enough to boost their savings to the 10% deposit needed to secure a mortgage.
“We were bowled over by the outcome,” Samantha recalls. “It felt too good to be true – so we called our parents! We returned with them a few days later and secured the house with a £2,000 reservation fee._ It was such a rare but very real opportunity.”
The lucky pair love their new home with its low energy bills and high quality fixtures and fittings. Samantha says, “Moving into a new build home has been a dream. My mum bought a new home with a different builder and there were so many extras that she had to pay for, on top of the purchase price. With Hill, fixtures and fittings are all amazing quality, so there is no need to upgrade. There were no extra hidden costs. We have an en suite bathroom, stonework surfaces, a beautiful stylish kitchen, six solar panels, under floor heating, a shed, landscaped garden and an electric car charging point.”
For Samantha, however, the biggest bonus is the security their new home provides. “The best thing about our move is that we are no longer beholden to a landlord who could ask us to move at any point. This is our home and our future. We still can’t believe we’re here!”
Willowbrook Park From £100,000*
DIDCOT, OXFORDSHIRE
Applications are now open for a range of two and three bedroom homes, including a further phase of houses in November, further apartments in December and more houses in early 2025. Located in a thriving town, with the town centre less than a mile away, this development has excellent road and rail links. Didcot Parkway station, which is well served by regular trains to London, Reading and Bristol, can be reached on foot. Upon completion there will be a picnic area, benches and a proposed play area to be enjoyed by residents and visitors. A local connection to South Oxfordshire is required for the houses only.
sovereignliving.org.uk/developments/willowbrook-park
0300 330 0718
*Based on a 40% share of the full market value of £250,000
Lanthorne Place from £375,000
BROADSTAIRS, KENT
Minutes from the beaches and bays along the Kent coastal path, this development comprises 53 new homes in a range of styles, including one and two bedroom apartments. The one to four bedroom homes have been carefully designed for modern life, with contemporary interiors, spacious layouts and exteriors that effortlessly blend into their coastal surroundings. Lanthorne Place is a 20-minute walk from the amenities in the coastal town of Broadstairs. Broadstairs station offers direct services into London St Pancras in 80 minutes, and London Victoria in just under two hours.
eliviahomes.co.uk
01843 880430
Lyon Quarter From £80,000*
HOVE, EAST SUSSEX
Lyon Quarter is a contemporary collection of stylish homes featuring studio, one, two and three bedroom apartments. These homes offer high-specification interiors and quality _ finishing touches, with contemporary designs to suit modern living. Residents will enjoy landscaped podium gardens in addition to a private balcony or terrace. Hove station is a four-minute cycle or drive away or a 14-minute walk, with trains to Clapham Junction in under an hour and London Victoria in just over an hour. It takes only a few minutes longer to reach London Bridge. Brighton station is walkable in 19 minutes or an eightminute cycle or drive away, with even more commuting options.
lyonquarter.co.uk
01273 051 477
*Based on a 25% share of the full market value of £320,000
Case Study
Aimee, 26, has recently purchased a one bedroom Countryside Homes apartment for £228,000 at Base at Newhall in Harlow. The highly driven personal assistant began saving for a deposit at the age of just 18 whilst living with her parents and her younger sister in Great Dunmow in Essex.
“I knew what I wanted to do,” she said. “I didn’t want to go to university and get saddled with debt. I wanted to get a job and save to buy a home of my own. So that is exactly what I did.” She left school on a Friday, started her job as a personal assistant the following Monday, and immediately began putting money away.
In 2023, Aimee began her property search. She says, “I wanted to live somewhere not too far away from mum and dad and close to a railway station which could me get into central London easily for my job in the City, whilst still being able to enjoy the green spaces around the area. I was looking at older properties because I thought they might be more affordable, but mum spotted Base at Newhall, a Countryside Homes development in Harlow.”
Having conducted some further research, Aimee realised that a new build was a great option for her; it would offer savings in both the short-term, on renovation and DIY costs, and the long-term, on energy bills. She decided to view a show apartment at Base at Newhall. “It was lovely and Nicole the sales advisor was fantastic,” recalls Aimee. “I knew they were offering a deposit contribution which brought a one bedroom in the Nova Apartments building to within my budget.”
Aimee promptly reserved an apartment off-plan which meant she was able to put her stamp on the place even before moving in, choosing the carpets, flooring and kitchen. She was even able to visit and see the progress of her new home, building her excitement for completion day.
“I owe so much to my parents who allowed me to live rent-free at home so I could save up to buy my own place,” a grateful Aimee acknowledges. She is now loving having a space of her own to entertain, from enjoying a Chinese takeaway with her mum on the first night in her new home to hosting friends.
She concludes, “Some nights, I look around this stylish modern apartment and have to remind myself that it’s actually my own home. That is a great feeling.”
Bluebell Heights from £66,875*
COLDEAN, EAST SUSSEX
The final 33 homes have launched here, amid the beautiful Stammer Park Nature Reserve, and within easy reach of Brighton. One, two and three bedroom apartments in The Wild Cherry collection are ready to move into, boasting beautiful rural views and landscaped communal gardens. Homes feature superior insulation, double-glazed windows and solar panels on the roof. Buyers also bene_ t from private outdoor space and allocated parking. The development offers great transport links, with a bus route from Coldean to Brighton on the doorstep, and easy access to the A23 and A27.
hydenewhomes.co.uk/find-homes/developments/bluebell-heights
0330 054 4927
*Based on a 25% share of the full market value of £267,000
The Gables From £116,000*
ATTLEBOROUGH, NORFOLK
The first homes at The Gables, in the market town of Attleborough, have been launched. With a selection of three and four bedroom homes, the exteriors reflect the traditional architectural character of the area, while the interiors deliver contemporary, open-plan kitchen and living spaces. All homes include energy-efficient features and superior internal finishes. Cycle and pedestrian routes are plentiful. Residents can easily walk into historic Attleborough, with Norwich and Cambridge reachable by train in 21 and 57 minutes respectively (Attleborough station is just a mile from The Gables).
latimerhomes.com/new-build-homes/norfolk/attleborough/the-gables
01603 882 420
*Based on a 40% share of the full market value of £290,000
Kingsley Meadows From £119,000
HARROGATE
The latest homes at this delightful development should complete in spring/summer 2025._These two and three bedroom energy-efficient homes offer private gardens and allocated parking. Kingsley Meadows is less than two miles from the city centre, on the north east edge towards Knaresborough and York. Looking out to rolling green _ elds, the development has a rural feel, but offers all the convenience of living in a thriving town with excellent commuter links.
guinnesshomes.co.uk/developments/kingsleymeadows/shared-ownership-harrogate
0300 456 0522
*Based on a 40% share of the full market value of £297,500
Heylo @ The Poppies From £100,000
MAIDSTONE, KENT
Available with Home Reach, these two bedroom apartments are surrounded by fantastic amenities with Hayle Nature Reserve and Mote Park a 15-minute drive away and plenty of retail parks within a five-minute drive. There are Ofsted Outstanding-rated schools close by with plans at the development for a primary school, medical centre and play area. Commuters are served by three nearby stations, with services to London. All homes have EV charging points.
homereach.org.uk
020 3744 0415
Case Study
Aaron and Nichole, along with their three year- old daughter, moved into their three bedroom semi-detached home at David Wilson Homes’ Richmond Park development in December 2023. The Whit_ eld couple, both 31, made the bold decision to live with Aaron’s family for four years to enable them to leapfrog into a family home.
Aaron, a Border Force Officer, comments on their journey, “We have been prioritising saving and being careful to live within our means and one way we feel we achieved this was living with my parents for as long as possible. With the arrival of our daughter, it would have been easy to jump ship and to get stuck in the rental trap or buy a property we would grow out of in the next two to three years. Living as a multi-generational family meant that we could save way more than we could if we were renting and save on some childcare with my parents too. It was tough at times, however, we stuck with hardcore saving while making some big sacrifices, like not having control of what was on TV!”
The couple purchased the three bedroom semi-detached house for £316,995 with a £16,000 deposit and have found the process of buying, and adjusting to paying a mortgage, smooth. “Our monthly costs are now around £1,400 a month however we were used to putting lots of money away per month for saving and being very frugal with our luxuries. Buying a new build is also a simpler process as there was no chain to worry about, and we love that the new home is a blank canvas and that we were able to specify some of the finishes.”
This new home is the start of an exciting new chapter for the family. “Moving home every two to three years as families grow and need more space is costly, and we’ve seen many of our friends get tied up in moving and legal fees. We wanted to invest in our future for both Nichole and I, and our daughter. Richmond Park is a long-term project and we aim to invest our time and effort into our house, now we have ample space for our daughter to have a spacious room and a primary school is on-site too. We feel by going down this route we will reap the rewards by not feeling suffocated in our own home.”_
Debbie Clark
Debbie Clark is a freelance writer with a keen interest in property. Graduating from Manchester University with a BA (hons) in Language, Literacy and Communication, she went on to study for a Primary PGCE and embarked on a career in teaching. A move to the country with a young family saw her turn her attention back to writing. Having bought her own first home on a shared ownership scheme, she has personal experience of buying - and selling - new build properties. She also works as Operations Manager for a London estate agents, giving her a solid understanding of the resale market and current trends. She loves to travel but, if time or budgetdon'tallow, will settle for the escapism of a good podcast!
