In a world where we are continuously judged on the possessions we own, is there a more prized possession to boast about than owning your own home? So, as a First Time Buyer, what lengths would you go to in order to secure your first ever abode?
In recent news stories, we have seen a wide range of methods that savvy savers go to in order to put a deposit down on a home. One sharp-witted woman managed to save £15,000 and get herself out of a crippling overdraft by using.. wait for it.. voucher codes and coupons. And very recently you may have read that a clever couple from Oz quit their tenanted apartment, sold all their possessions and both worked and lived on a bus. Okay, so it's not the most conventional way of raising those pennies, especially on these shores.
This got us thinking, there must be an easier way of raising a deposit without using a steering wheel for a pillow or raiding the 'recently reduced' aisle frequently? Right?
Almost two thirds of first-time buyers plan to sell one or more valuable items to get on the property ladder.
A poll by The Nottingham Building Society found that 63% would sell high-priced assets such as jewellery to help buy their first home, with 14% expecting to raise more than half of the funds they need this way.
The Bank of Mum and Dad is also still very much alive, with 81% of would-be first-time buyers expecting some of the funds to come from here.
Half said they would rely on grandparents, while 62% are relying on an inheritance.
The research highlights a lack of use of savings schemes that help buyers build a deposit, with 40% having no intention of using the Lifetime ISA and a fifth said they would not take advantage of the Help to Buy ISA.
Tina Hayton-Banks, Director of member services for The Nottingham, said: “We know saving for a deposit is no mean feat for first-time buyers and our research echoes what we hear all the time across our branch network, that people are exploring every available route to get on the ladder.
“It’s a shame there’s still a relatively low awareness of products that can help them get there faster, such as the Lifetime ISA, but it’s an account we’re proud to be offering to support first-time buyers and expect to see its popularity grow and grow.”
Sources include: Property Industry Eye