House prices: Expert discusses 'interesting' pricing differences
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On average Britons are now having to pay more than £250,000 to purchase a home. A saturated market of buyers has created unprecedented levels of demand, with properties currently being sold in a matter of weeks. The circumstances are making it increasingly difficult for first time buyers to get on the housing ladder.
Saving for that first house deposit has always been a struggle for young adults.
But eye-watering prices, plus increased competition from second home buyers and investors, is making things extra difficult in 2022.
Buying agent Henry Pryor told Express.co.uk these issues are all “likely to remain” in the years to come.
So, how can first time buyers fight back, and grow their savings for a house deposit?
1) Ask your family for financial support
Though it can be a kick to the ego of some people, asking for help from your parents or grandparents is becoming a common route that people are choosing to take.
Mr Pryor said: “The bank of mum and dad is now the ninth largest lender in the country.
“If you want to buy your first home before you are drawing your pension, then mum and dad, and increasingly granny and grandpa, are a massive help for many.”
2) Move back home
Moving back home again may not sound like the most glamorous option in the world, but it can cut down on expenses, including rent.
Living with your parents in the short-term could ultimately reward you with your end goal, of putting down a deposit.
If moving back home isn’t an option, then Mr Pryor explained that you could save more by moving into a property with additional people, and thus end up paying less rent.
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3) Move somewhere more affordable
Mr Pryor said: “You shouldn’t put your life on hold, you need to get on and live.
“Everyone compromises and it may be that you have to buy somewhere further away than you might like in order to be able to afford it.
“It may mean longer commutes or that your parents have to get in their car to come and see you.
“But you can always blame them and tell them that it was their generation who refused to allow enough suitable new homes to be built.”
4) Get a part-time job
Finding additional work can supplement your income, and increase the amount you’re able to save each month.
As with everything, taking on a part-time job might not work for each individual, and will come down to circumstances.
But Mr Pryor stressed that saving for a deposit “takes years”, and so urged anyone who seriously wants to save to compromise where possible.
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