With many aspiring for home ownership, but affordability proving to be a barrier, attaining that seemingly unreachable dream can appear all but impossible.
Simply saving enough for a deposit can feel like an unfeasible task, leaving many buyers unsure where to even begin.
James Clark, Regional Sales Director at Bloor Homes North West has offered some top tips on how potential house-buyers can save for that important deposit:
- Start by tracking your monthly spending so you can get a feel for the average amounts you spend on food, bills and other expenses each month
- Draw up a budget so you can clearly see where your outgoings are and what you might realistically be able to save
- Set a savings goal, start saving diligently, even if it’s only a little every month. It’s better to start low and then add any spare money you have at the end of the month
- Automate your savings, then you don’t have to think about it. Set up an automatic transfer or download an app to help you; some apps even round up your purchases to the nearest pound, saving the extra pennies into an account
- Paying rent is expensive, so look at ways to bring the cost down, perhaps you could live with family or friends to share the cost
- Use more cash. Visit the cashpoint and take out your weekly allowance and then use this to pay for everyday items; using ‘real money’ registers far more than using a card
- When it comes to household bills, make sure you shop around for the best deals – it’s an easy way to save hundreds of pounds each year
- Plan your weekly meals to help cut your weekly grocery bills
- Cut down on any unnecessary expenses, such as that Friday night takeaway, your daily latte from your local coffee shop or that gym membership you just never quite get around to using
- Take advantage of the Government-backed Help to Buy scheme before it comes to an end. For existing homeowners, that’s April 2021, while first-time buyers have until 2023. 2021 also sees the introduction of price caps, so here in the North West it will only be available on new build properties up to the value of £224,400.
“Help to Buy is available at all Bloor Homes developments and is helping many buyers to finance their new homes. Prospective buyers should speak to our sales advisors to find out more about how Help to Buy could help them.”
Bloor Homes’ development Beamish Place is located in the popular area of Sandymoor. Offering the best of both worlds, you’ll be within an easy commute of the M56 an M6 motorways, as well as being close to a selection of excellent primary schools and good local amenities. Beamish Place has a collection of three-bedroom homes, from £209,995 to £239,995.