Back to Home

STOKE NEWINGTON 

63–65 Stoke Newington Church Street,
Stoke Newington, London N16 0AR
t: 020 7254 9709

SafeAgent
ThePropertyOmbudsman
TradingStandards
© 2025 Next Move
Privacy Policy|Terms & Conditions|Cookie Policy|Certificates & Fees|In-House Complaints Procedure
Powered by
    Call us
    T: 020 7254 9709E: n16@nextmove.com
    Get a Valuation
    Register
    Address required
    Search
    Logo
    63 – 65 Stoke Newington Church Street,
    Stoke Newington,
    London N16 0AR
    t: 020 7254 9709
    LogoLogo
    Sales

    The super habits of deposit savers

    over 3 years ago
    The super habits of deposit savers

    Many of us may feel the squeeze in 2022, especially with rising fuel and food costs leaving first-time buyers wondering how they can save for a deposit. With the average deposit hovering around 18% of a property’ purchase price – that’s almost £50,000 – it can feel like there’s a mountain to climb.

    Saving is not impossible, however. The secret is getting into good habits and despite what the coming months may throw at us, you can squirrel away a tidy sum of money to use as a deposit. If 2022 is the year you’d like to take your first step on the property ladder, here’s what super savers are doing:-

    They give themselves a deposit deadline

    Savvy savers will be motivated by a deadline. Don’t, however, set a D-day and promptly forget about it. Diarise monthly ‘check ins’ to see how your fund is building and re-evaluate how much you need to save at the halfway point to avoid any shortfall. 

    They choose the right savings account

    Shopping around for the best savings account is essential. ISAs are a tax-free way of saving money and they usually have higher interest rates than bank accounts. There’s even a product – the lifetime ISA (LISA) – specifically for first-time buyers saving a deposit. With a LISA, the Government will top up your fund, adding £1 for every £4 saved. In addition, money can’t be withdrawn for any reason other than for a property deposit or for retirement, removing the facility to raid the account. 

    They set up a standing order

    Even the most disciplined of savers can forget to manually transfer money to a savings account. A good action plan is to set up a standing order that automatically transfers a set amount every month, without any action required.

    They don’t deal in cash

    The phrase ‘money burning a hole in your pocket’ is the enemy of the saver. If you’re ever in receipt of money – whether that’s a gift or when selling something – ensure the payment is made directly to or transferred quickly into your savings account to remove the temptation of spending it.

    They live frugally, not lavishly

    Saving for a deposit isn’t the time to live the high life. Short-term but impactful compromises may involve swapping the Amalfi coast for camping in Cornwall, luxury spa days for DIY facials and Michelin-star restaurants for stay-at-home suppers. Even switching a Costa cappuccino a day for instant coffee granules will help.

    They sell, sell, sell

    As the saying goes, every little helps so selling unwanted goods and gifts is a great way to swell the deposit savings. Facebook Marketplace, eBay, Vinted and Shpock are online platforms where it’s easy to sell clothes, homewares and collectables.

    They start a side hustle

    Smart savers are willing to go the extra mile in terms of income. If you’ve dreamt of starting a kitchen table craft business, have thought about taking part in market research or want to turn a hobby into a money-making side hustle, now’s the time to make it happen. 

    They bank what they save

    There’s no ground breaking advice when it comes to saving money but the best savers bank what they’ve saved before it’s frittered away. You’ll reach your deposit goal quicker if you identify how much you are gaining by switching broadband suppliers, for instance, and amending your standing order by the same amount. 

    We’re here to help all first-time buyers, so get in touch if you’d like advice regarding deposits and starter homes.

    Share this article

    More Articles

    5 signs you can add value through remodelling or renovation

    5 signs you can add value through remodelling or renovation

    Published 21 days ago

    Do you purchase property with one eye on adding value and potentially selling on for a profit? If so, you may be wondering whether that’s still achievable in 2025. 

    Read More
    Title deeds v. Will: which legal document matters most?

    Title deeds v. Will: which legal document matters most?

    Published about 2 months ago

    It’s easy to get caught up in the hype of buying a property – especially if it’s your first home – but there are some important details you should take time to consider. The ownership structure is one of them. Go into this ill-informed and it’s a decision that could come back to haunt you – literally!

    Read More
    What’s the deal with commonhold flats?

    What’s the deal with commonhold flats?

    Published 2 months ago

    The days of leasehold flats could be numbered if the current Government gets its way. While the proposed Leasehold and Commonhold Reform Bill - which would ban new build flats being created as leasehold properties - has been frequently written about, very few column inches have been given to its replacement: commonhold.

    Read More

    Sign up for our newsletter

    Subscribe to receive the latest property market information to your inbox, full of market knowledge and tips for your home.

    You may unsubscribe at any time. See our Privacy Policy.