Saving for a house deposit, how does anyone do this now...

Whilst that's great, it always seems like a bit of a false economy unless your house is too big for you. I mean, I got a cheap place, just wanted to be on the property ladder, cost me £77000. Now, 5 years on, it's valued at £91000. Which sounds great but I couldn't move anywhere smaller, so if I go for a house that was £100000 it's probably now £125000, so all the "extra" money in my house will go when I try to move up the ladder. Like I say it's great if you bought a 4 bedroom place but the kids have moved out and you want a 2, then you'll benefit. For the OP though I would always recommend saving for even longer and stretching as much as you can for your first house, it's difficult to move up the ladder if you start at the bottom

For me, the benefit for me of a larger deposit was that I could afford to skip the lowest rung of the ladder so I could afford a slightly better house in a better location. I wasn't interested in a "project" so wanted something in move-in condition.

At present I have no interest in moving up the ladder. The time the equity will be useful will be if I decide to retire back to the NE when I will be able to buy something cheaper outright and liberate a bundle of cash to have some fun with.
 



Friend of ours did the help to buy scheme. It's basically a glorified loan from the government. She's ended up having to pay back loads.
Yes it might get people on the ladder, but it financially traps them for longer.
You're better off saving up if you can, but I appreciate it's not always as easy at that.
 
It also implies people do those things to start with. Most folk I know in their 30s without a property don't get takeaways, don't but lunch or coffees every day etc. Because they can't f***ing afford it.

Saving 4k a year on luxuries is working on the assumption that people have 4k a year to toss off on these things. Most millennials looking to get on the housing ladder don't. That's the whole point. They're already incredibly thrifty, but without wages rising and inflation outpacing wages, that thrift disent grow into capital. It can't.
I don’t know anyone who has takeaways twice a week. No idea who these folks are mixing with.
I'm sure it's already been said, but try to monetize a hobby/passion away from your actual main income.

Even if it's only a couple hundred quid a month, stick that in a savings account.
Hustle culture. Ewww.
 
whats the point? the tories will only take it off you when you retire.

the only two things of any significant value that most working class people will ever own are their houses and their pensions, paid for over decades of hard work, and both taken from you the second you aren't useful to keep the cogs of capitalism turning.

tory scum bastards
 
Friend of ours did the help to buy scheme. It's basically a glorified loan from the government. She's ended up having to pay back loads.
Yes it might get people on the ladder, but it financially traps them for longer.
You're better off saving up if you can, but I appreciate it's not always as easy at that.

I'm talking about the one where you save in a Government approved account and they give you a 25% bonus when you buy a house. Are we talking at cross purposes?
 
I'm talking about the one where you save in a Government approved account and they give you a 25% bonus when you buy a house. Are we talking at cross purposes?

Possibly bud, yes.
Although I'm sure there's a catch with the entire "Help to Buy" thing where you have to pay them back
That's the LISA. Help to buy is something else

There we go. I'm not sure I've heard of the LISA
 
whats the point? the tories will only take it off you when you retire.

the only two things of any significant value that most working class people will ever own are their houses and their pensions, paid for over decades of hard work, and both taken from you the second you aren't useful to keep the cogs of capitalism turning.

tory scum bastards
Wish I could predict the future with that much confidence. I have no idea which party will be in power when I retire.
 
Used to try and stick to once a month. Sadly its so busy with the kids that we often fall on to the trap of not having something planned🙈

We tend to either go out for food or order in on a Friday - thats the only time we have them tbh. My missus is pretty good with the bait planning though she sits and checks the kids menu's at nursery and school for the week and ahead and we make sure we have the stuff for each night. The food isnt the problem its the time with football, gymnastics, dancing then I play football one night - I think thats why we have a Sunday dinner most weeks so that we can all sit down together and not be in a rush
 
Possibly bud, yes.
Although I'm sure there's a catch with the entire "Help to Buy" thing where you have to pay them back


There we go. I'm not sure I've heard of the LISA
two separate accounts i think. i’ve got a help to buy ISA and i get the 25% bonus when i buy a gaff.

what your friend got might be the help to buy equity loan? Affordable home ownership schemes
they’re exclusive to new gaffs and first time buyers
 

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