October’s affordable homes for First Time Buyers – with just £5,000 of savings!

publication date: Oct 6, 2014
 | 
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

Affordable homes are a reality with little savings...

We often hear you need tens of thousands of pounds’ deposit to afford a home and this really annoys me. The reality is that you can, across the country, buy your own home with savings of just £5,000.

Now this may feel like a lot of money to save, almost impossible, but here’s a FREE spreadsheet you can use which will show you how you can save even £5,000 out of ‘everyday extras’ like teas and coffees, DVDs, clothes and just cutting back a bit on going out.

To download the spreadsheet, you will need to be a member so:

Step One:

Register here: Join Property Checklists

Step Two: Follow this link and click on ‘download’

Please note: I’m NOT recommending any of the following homes, they are examples to show you that for £5,000 to £10,000 of savings you CAN buy a home of your own.

Affordable homes in London
The market in London is definitely getting a little quieter, so if you gave up house hunting in the madness over the last 12 months, then it might be worth going out to take another look.

Here are some I’ve found:

  • How about this one from Greenwich Square, shared ownership for just £76,250 for 25%? 
  • What you need: £5,812 in savings and to afford the mortgage, plus £ 608.65 a month. 
  • Minimum (joint) household income: £39,151 so just under £20,000 each. 

Visit Rightmove

Or this one:
A one bed flat, near Wandsworth Common! Buying 50% shared ownership, includes a private patio garden.

Visit Rightmove

Affordable homes in Bristol
Bristol house prices have grown substantially since 2000 compared to other areas, but with Help to Buy schemes available and more 95% mortgages on offer, without Help to Buy restrictions, you can purchase a property in the area for under the stamp duty threshold of £300,000 for first-time buyers as of November 2017.

Here’s a one bed apartment for sale for £125,000 right near the harbour in BS1 called ‘Crusader House’.

Visit Rightmove

Need a house and want something unusual – how about this one? I’m NOT recommending it as I’d need to see it and do some analysis first, it’s just to show you it is possible to buy a house in Bristol for £150,000 – and there are lots more available, some with three beds!

Here’s a one bed house, very unusual, lots of beams, but modern inside for £150,000.

Visit Rightmove

Affordable homes in Birmingham
Here are some homes in Birmingham which show you can get decent space for just a £5k to £10k of savings towards a property:

A three bed 1930s semi-detached with huge amounts of space, in Quinton – where my Mum grew up!

And it’s under the stamp duty threshold, just £124,000.

Visit Rightmove

Minutes from Five Ways in Birmingham, yes it’s a flat, so BE CAREFUL of costs but it’s for £120,000, so with a 5% deposit and no stamp duty to pay, it’s a good place for a pad!

Visit Rightmove

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Which? Property books and one of the UK's top property experts.
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