Best of the Week
Most Popular
1. Market Decline Will Lead To Pension Collapse, USD Devaluation, And NWO - Raymond_Matison
2.Uber’s Nightmare Has Just Started - Stephen_McBride
3.Stock Market Crash Black Swan Event Set Up Sept 12th? - Brad_Gudgeon
4.GDow Stock Market Trend Forecast Update - Nadeem_Walayat
5.Gold Significant Correction Has Started - Clive_Maund
6.British Pound GBP vs Brexit Chaos Timeline - Nadeem_Walayat
7.Cameco Crash, Uranium Sector Won’t Catch a break - Richard_Mills
8.Recession 2020 Forecast : The New Risks & New Profits Of A Grand Experiment - Dan_Amerman
9.Gold When Global Insanity Prevails - Michael Ballanger
10.UK General Election Forecast 2019 - Betting Market Odds - Nadeem_Walayat
Last 7 days
You Should Be Buying Gold Stocks Now - 6th Dec 19
The End of Apple Has Begun - 6th Dec 19
How Much Crude Oil Do You Unknowingly Eat? - 6th Dec 19
Labour vs Tory Manifesto Voter Bribes Impact on UK General Election Forecast - 6th Dec 19
Gold Price Forecast – Has the Recovery Finished? - 6th Dec 19
Precious Metals Ratio Charts - 6th Dec 19
Climate Emergency vs Labour Tree Felling Councils Reality - Sheffield General Election 2019 - 6th Dec 19
What Fake UK Unemployment Statistics Predict for General Election Result 2019 - 6th Dec 19
What UK CPI, RPI and REAL INFLATION Predict for General Election Result 2019 - 5th Dec 19
Supply Crunch Coming as Silver Miners Scale Back - 5th Dec 19
Gold Will Not Surpass Its 1980 Peak - 5th Dec 19
UK House Prices Most Accurate Predictor of UK General Elections - 2019 - 5th Dec 19
7 Year Cycles Can Be Powerful And Gold Just Started One - 5th Dec 19
Lib Dems Winning Election Leaflets War Against Labour - Sheffield Hallam 2019 - 5th Dec 19
Do you like to venture out? Test yourself and see what we propose for you - 5th Dec 19
Great Ways To Make Money Over Time - 5th Dec 19
Calculating Your Personal Cost If Stock, Bond and House Prices Return To Average - 4th Dec 19
Will Labour Government Plant More Tree's than Council's Like Sheffield Fell? - 4th Dec 19
What the UK Economy GDP Growth Rate Predicts for General Election 2019 - 4th Dec 19
Gold, Silver and Stock Market Big Picture: Seat Belts Tightened - 4th Dec 19
Online Presence: What You Need to Know About What Others Know About You - 4th Dec 19
New Company Tip: How To Turn Prospects into Customers with CRM Tech - 4th Dec 19
About To Relive The 2007 US Housing Market Real Estate Crash Again? - 3rd Dec 19
How Far Will Gold Reach Before the Upcoming Reversal? - 3rd Dec 19
Is The Current Stock Market Rally A True Valuation Rally or Euphoria? - 3rd Dec 19
Why Shale Oil Not Viable at $45WTI Anymore, OPEC Can Dictate Price Again - 3rd Dec 19
Lib Dem Election Dodgy Leaflets - Sheffield Hallam Battle General Election 2019 - 3rd Dec 19
Land Rover Discovery Sport Brake Pads Uneven Wear Dash Warning Message at 2mm Mark - 3rd Dec 19
The Rise and Evolution of Bitcoin - 3rd Dec 19
Virtual games and sport, which has one related to the other - 3rd Dec 19
The Narrative About Gold is Changing Again - 2nd Dec 19
Stock Market Liquidity & Volume Diminish – What Next? - 2nd Dec 19
A Complete Guide To Finding The Best CFD Broker - 2nd Dec 19
See You On The Dark Side Of The Moon - 2nd Dec 19
Will Lib Dems Win Sheffield Hallam From Labour? General Election 2019 - 2nd Dec 19
Stock Market Where Are We?  - 1st Dec 19
Will Labour's Insane Manifesto Spending Plans Bankrupt Britain? - 1st Dec 19
Labour vs Tory Manifesto Debt Fuelled Voter Bribes Impact on UK General Election - 30th Nov 19
Growing Inequality Unrest Threatens Mining Industry - 30th Nov 19
Conspiracy Theories Are Killing This Nation - 30th Nov 19
How to Clip a Budgies / Parakeets Wings, Cut / Trim Bird's Flight Feathers - 30th Nov 19
Hidden Failure of SIFI Banks - 29th Nov 19
Use the “Ferrari Pattern” to Predictably Make 431% with IPOs - 29th Nov 19
Tax-Loss Selling Drives Down Gold and Silver Junior Stock Prices - 29th Nov 19
We Are on the Brink of the Second Great Depression - 29th Nov 19
How to Spot REAL Amazon Black Friday Bargains and Avoid FAKE Sales - 29th Nov 19

Market Oracle FREE Newsletter

UK House prices predicting general election result

First Time Buyers Need to ‘boost the affordability’ of Their Move Alone 

Housing-Market / UK Housing Aug 07, 2018 - 12:53 PM GMT

By: Submissions

Housing-Market

Recent reports by the Financial Times note that ‘more needs to be done to boost affordability for capital’s first-time buyers’. Well, duh.

Renting in London is prohibitively expensive and buying is perhaps even more so, in the short term at least. In fact, recent studies conducted by The Times found that a first-time buyer in London needs a salary of £100,000 to get on the property ladder. (Basically, you need to be a wealthy financial sector worker.)


Meanwhile, The Guardian reports that single first-time buyers are perhaps even worse off—they’d need to save for 17 years just to have a deposit for a house! Take that, everyone who had just convinced themselves that being single wasn’t so bad after all…

Realistically then, the government won’t do much to ‘boost the affordability’ of moving house. That’s down to you. With that in mind, here are a few tips for doing so.

Look for affordable areas
If you’re trying to buy in London hotspots, you’ll be lucky to find anything in your price range. So, it’s advisable to branch out your searchinto more affordable areas if you want to save money on that move.



Currently, first-time buyers are flocking to Harold Wood, but Northolt and Bromley are also proving popular.

Long story short, skip Dalston (it’s too ‘on-the-rise’) and head to some lesser-talked about spots if you want to find a property for less than £250,000. It’s always better to set trends instead of following them anyway!

If you’re house-hunting outside of London, then heading north can never fail when it comes to getting some bargain property. Alternatively, consider underrated spots like Cardiff or other Welsh destinations too. 

Save money on removals

Once you’ve decided where you’re going, the next step is to save money on moving in and of itself.

How?

Compare your removals options over at buzzmove, where you’ll be matched with some reputable and well-rated companies that are happy to do the heavy lifting on your behalf.

Now,  investing in removals means you may pay a little more in the short term. But in the long term you can take your ramshackle collection of pots, pans and furniture to your new flat and save on having to rebuy everything unnecessarily. Sure, the day will eventually come when you need more than one set of cutlery and a lonely sofa, but that day will come when you’ve been able to save for it.

Buy second-hand

Alternatively, if you’re moving out of your parent’s house for the first time and haven’t been able to accumulate some furniture. If your only possessions are probably clothes and books at this point, then buying second-hand will be a godsend if you want to save money.

Let’s be honest, IKEA might be affordable but buying pre-owned stuff (not overpriced ‘vintage’)—can be even better for your budget. Look to sites like Freecycle or Freegle to give your new house that covetable eclectic feel for a third of the price.

Earn money on your move

On the flip side, what if you’ve got too much stuff to take to your new house? Or perhaps you just want to take less in order to save yourself some hassle, rather than because you want to rebuy it all when you arrive?

Well, you’re in the position to actually earn money thanks to a move. The easiest way to get rid of those unwanted items is by heading to a local car boot sale, flogging it to friends who are starting out on the property ladder too, or sticking it on eBay.

Whichever path you choose, price it up fairly (but always leave wiggle room for negotiation) and you could find yourself earning enough to pay your first month’s utility bills, if not more!

Calm down when it comes to packing materials

If you’re saving some money by packing up your belongings yourself, before the pros simply zip in and move everything, you’ll want to pack properly.

For a start, this means you won’t annoy the experts with your poor packing abilities, while it also allows you to save money (and the planet) with your packing supply choices.

Try and wangle some free and sturdy cardboard boxes from your local supermarket in the run-up to moving day instead of paying for them and then, in all likelihood, throwing them away afterwards.

An unexpected added bonus of this technique?

You might be more convinced to crack on with the unpacking if you have boxes emblazoned with Space Raider crisps staring back at you.

You could even rent plastic, reusable milk crates for a reasonable price too.

Basically, buying a house for the first time and moving into it will cost you an arm and a leg. But if you follow these methods carefully, you might be able to soften the financial blow...at least a little bit!

By Sophie Fenns

© 2018 Copyright Sophie Fenns - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules