How to get back onto the property ladder sooner?

undlou

Hi everyone,

My partner and I are currently living with parents and our 19 mo son. As grateful as I am to be able to do this, I need to be living with my family in our own home. We wasn't able to start saving before now as I was going through a very costly, long divorce.

We are looking to get our own place soon but saving for a deposit will take some time, and I am worried that my savings will never keep up with the forever rising house prices. In 2012 my previous house was worth £170,000 but is now worth £270,000.

I have previously owned my own house (now owned by my ex-husband) but my partner hasn't. Because I have, we are not eligible for first buy schemes. I just feel that I will never be able to get back onto the ladder.

My partner and I will be able to save £15k per year, but we live in South Essex where house/flat prices for a two bed start from £200k.

Does anyone have any handy advice on what we could do to get on the ladder sooner?

Much appreciated :):)

fatrab

How much help and support is available to you from the parents you live with? Would they be willing to babysit on a regular basis?


Would it be possible for one of you to pick up some part time work to save an additional £5k over the year?


That would mean in around a year you'd have a 10% deposit which in fairness is a lot more than most couples could achieve.


Alternatively, are there other areas that you could save money? Bills (mobiles, insurances etc), socialising, weekly shopping downshift - own brand instead of named brands or even better buying LIDL instead of Tesco?


It might be better posted in the DFW forum, but I think if you completed an SOA it would give us an idea of where you could possibly save or make changes.


Best wishes

undlou

Hi Fatrab,

Thank you for your reply.

Our parents already babysit the days they can but both of us are at home on weekends, so that does give one of us the option to work weekends.

I have already cut on all my spending, but unnamed brands could help with nappies etc.

I will look through my finances and hopefully find some wiggle room.

Thanks a bunch for your advice