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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.


© 2005-2018 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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