Saving for a deposit and maintaining your weekly brunch habit might seem mutually exclusive, but they don’t have to be. All it takes is a well-thought-out savings plan – one that works with your budget and lifestyle – to make your home-buying dream a reality.
You make this city, so you should get something back. A home you can call your own. Somewhere you can put your stamp on. That’s where we come in. We built Pocket Living around the idea that everyone should have a fair opportunity to get on the housing ladder, and we’re here to help you get there.
In this blog, we’re sharing our top tips on saving for your first home, whatever your circumstances. From ISAs to bank accounts and more, we’ll help you understand everything you need to know about saving. Let’s get started.
Mortgage rates might not seem like the most interesting topic, but as a first time buyer, it’s important to understand what they are, what impacts them and how they could affect you.
At Pocket Living, we want to make sure you have all the information you need to make an informed decision about stepping onto the property ladder. So, in this guide, we’ll explore the base rate, the forecast for mortgage interest rates and what you should consider as a first time buyer before committing to a mortgage deal.
Buying your first home can be a bit of a minefield. From terminology to hidden costs, there’s a lot to get your head around.
In this blog, we’re delving into the expenses you can expect as a first-time buyer. This will give you an idea of how much you need to save alongside your deposit to purchase a Pocket home.
An Income Boost is a little-known guarantor mortgage scheme that lets someone close to you – like a parent, sibling, or even a friend – help your application without giving (or lending) you money. Their income gets added to yours, so you can borrow more without upping your deposit. That extra boost could be the difference between “almost there” and “keys in hand.”
Hannah Evans (29), a corporate partnerships fundraiser for the Royal Albert Hall, has had her sights set on owning her own home in London since she was 21 but firmly believed that in order to buy she would have to move out of the capital and leave a job that she really enjoyed.
“For me, it was either rent in London and remain at a company that I love or move out of London and become a homeowner, I really didn’t think I could have both. During the pandemic, I found myself looking for jobs outside of the Capital just so I could have a fighting chance of getting on the property ladder. There are similar companies in Manchester, for example, but for me it is not the same as London”, says Hannah.
Before learning about Pocket Living, Hannah rented for five years in Vauxhall. “It was a brilliant location, but I found it unaffordable to buy. I don’t dare to even try to work out how much I spent in rent during that time.
“Working in the arts, I have to work to make my salary go far, but I have always worked hard to save my money and had both a full time and part time job. I also started doing small things such as swapping bank accounts because you get the £100 switching bonus – for 10 minutes of admin it is worthwhile doing”, notes Hannah.
Hannah heard about Harbard Close, a Pocket Living development in Barking, in December 2021 after reading about a current resident who had purchased there in a London newspaper. “I spotted the starting price and it was the first time I had seen something within my price range. I immediately registered and booked in a viewing. I put in my expression of interest two or three days later and it was accepted on the Friday. It all clicked into place and just made sense.”
Harbard Close is just half a mile from Barking town centre and is available exclusively to first time buyers either living or working in London. They are available at a 20% discount compared to the local market, and purchasers own 100% of their property.
“When looking for a home I knew that I wanted something with space and light, as well as a view but I appreciated that was asking for a lot. Yet when I visited Harbard Close and looked out the window I was greeted with a view of Canary Wharf. I could also see the BT Tower, the Shard, the Walkie-Talkie building, I was quite surprised about how much of the city was visible, says Hannah.
“My favourite thing about my home has to be the big windows and the view – we already have had some stunning sunsets as I am on the west side of the building. When the sky is clear it is absolutely beautiful.”
Building thriving communities
At each development Pocket Living strives to create thriving new communities, which Hannah noticed as soon as she moved into her new home.
“The really good thing about Pocket is that everyone moving in is a homeowner. We’re all invested in ensuring it continues to look presentable and we’re quite sociable. As well as the resident app, which helped me get to know who my neighbours where, I was also invited to join a resident WhatsApp group. People help each other out – just the other week I had a delivery guy call me and I just said in the chat is there anyone in who can buzz him in, and one of my neighbours replied immediately. It is the little things like that which you really appreciate, and I am really looking forward to when the weather improves so I can sit in the outdoor spaces with my neighbours in the evenings.”
Hannah hadn’t considered Barking as a location before reading about Harbard Close but decided to explore the area when she came for her viewing. “The thing that really surprised me was just how nice everybody is as you don’t always experience that in big cities. Just seeing the amount of regeneration in the area was also a plus, there’s new flats popping up everywhere so you know there will be more restaurants, bars and things to do coming soon.”
Staying connected
Harbard Close is less than a 10-minute walk from Barking station, which has access to the District and Hammersmith & City lines and the London Overground.
“I love the arts. The main reason I moved down to London was for the theatres, so to have that connection not feel too far away from me was hugely important. The District line is fantastic, it is like an artery of London and you can pretty much get anywhere,” concludes Hannah.
As of August 2022, all of the 78 one-bedroom discounted Pocket homes are reserved but apartments are available at Pocket Living’s latest scheme in Leyton, where prices start from £274,000. The development has been designed to incorporate a large selection of spaces for the new residents to enjoy, which includes two roof terraces; the Active Garden for exercise and play, and the Productive Garden where residents can grow their own fruit and veggies.
There are five other spaces to explore, bookable via the Pocket App, and includes an exercise room for HIIT and aerobics workouts, and a co-working lounge with comfortable seating, a social room that dons a pool table and a projector screen – ideal for movie nights – and an office-style space designated for quiet working. To encourage further togetherness, residents will be able to host dinner parties in the dining rooms that come equipped with their own kitchens.
Getting on the property ladder can feel like a daunting task for first-time buyers. With the average time to save a house deposit nearing 10 years (18 years in London), homeownership might sometimes feel out of reach. But with a Deposit Boost, you could make your dream of owning a home a reality sooner than you think.
A Deposit Boost is a type of buying scheme that allows loved ones like parents or grandparents to help give you a leg up on the property ladder, without needing to dip into their cash savings, investments, or pensions. Here’s how it works, some key benefits, and considerations to help you decide if it’s the right option for you.
If you’re a first time buyer considering buying a new build home, you should know what to look out for in terms of service charge. Read on to learn about what it is and what to expect.
The UK government’s new Commonhold White Paper could mark a major shift in homeownership, aiming to replace the current leasehold system with the commonhold model. But what does this actually mean for flat owners and buyers?
In this guide, we break down the key differences between leasehold and commonhold, what the proposed changes involve and how they could impact future homeowners, including those buying Pocket homes.
Our new Charlton development, The Heights SE7, is ideally located in the heart of the Royal Borough of Greenwich, making it the perfect base to explore the area’s diverse surroundings. 45 one-bedrooms and 3 two-bedrooms homes are now available to first time buyers across all London boroughs. To celebrate this milestone, we’ll highlight the top attractions in the local area.
It’s the starting point of time, and now, the starting point of homeownership.
Ah, the start of a new year – the perfect excuse for a fresh start, a new diary and a long list of overly ambitious new year’s resolutions. But if this is the year you’ve decided to trade in your rented digs for a place to call your own, we’ve got some realistic, first time buyer specific new year’s resolutions to help you get there. And don’t worry, these won’t involve kale smoothies or 5 a.m. wake up calls – just a bit of planning, saving and savvy decision making.
