Latest news with #house deposit
The Sun
2 days ago
- Business
- The Sun
We moved into a caravan in my mother-in-law's garden for a year, sure it was cramped but we saved £20k
A WOMAN was able to save a £20k house deposit - after moving into a caravan in her mother-in-law's garden for a year. Freya Gill, 29, and her partner, Charlie Thackwray, 29, were living with their parents when they decided they needed their own space. 3 3 Unable to get on the property ladder straight away, they moved into Charlie's mum's caravan - which she got for free as it already came with her home and moved it to the plot of land they are currently living on in North Allerton, North Yorkshire. The pair remained in the two-berth caravan for a year, saving £2k for the deposit to buy their next caravan. They upgraded their caravan three times, forking out £16k for a newer model with controllable heating, towel radiators in the shower, and an onboard water pump. Freya and Charlie plan to continue living in it for another year while they save to buy land to build their own home and to keep chickens, goats, and alpacas. Freya, a business owner, from North Allerton, North Yorkshire, said: "We are saving up to buy a plot of land as we want to do a field to farm, and anyone who knows that when buying land, you need a much larger deposit. "We are looking at a 25% deposit - money is a massive problem for everyone now, and this is a good alternative to save money. "The rental market is mental, but money aside, people have said they would like to live this way because of your freedom. "If we'd rented a property around here, it would cost £750 a month, and that would just not have been achievable for us. It's so hard to find a rental when you've got a dog." Before moving into their caravan, Freya lived in a three-bedroom house with her parents in North Allerton, North Yorkshire, for £250 a month. The couple always dreamed of owning some land but realised that to do that, they would need savings, so they thought a cost-effective option was living in a caravan which they say is £500 cheaper than renting in the local area. Watch as Josie Gibson tells This Morning she's living in a caravan Freya said: "The living conditions were questionable in the first caravan. "When Charlie's mum bought the house, the caravan came with the house from the 90s, and it had been there for quite a while. "Charlie renovated it, spending £200 by ripping out the floor and painting the interior, but because it was so old and a lot of the caravan didn't work, we decided to move." After a year, the pair moved out of their first caravan and lived in an Eldest Crusader bought from a local dealership for £4K for a year. Then in June 2025, the couple upgraded to an Adria Adora caravan for £16k - and they plan to live in it until they're in a position to buy their own farmland. Freya said: "It's a small space, so the bills are going to be lower anyway. We have set up our solar power system, and that has been a huge help to our savings. "The gas bills are low, and when we run low, it is £80 to get a new gas bottle. "We don't have to pay council tax or water bills, which is helpful. "We collect water and have a filtration system; we just have to pay for a new filter every month. "My friends always say to me that it is not the typical life in their twenties, but we are quite introverted people, so we like the fact that it is just us and we are in our own space." Currently, Freya and Charlie, a caravan dealer, pay £150 rent for the land they use, £55 on gas, £130 on finance, and £350 on food a month. Previously, they spent £250 a month on bills, but they now say they've saved a whopping £20k. Freya said: "We have saved so much money from living in a caravan - it is an excellent alternative to renting. 5 Tips to Get on The Property Ladder Saving for your first property is tough, but it is possible. Here are a few steps for first-time buyers. 1. Cut back on luxuries and start saving Consistent monthly saving is the best way to accumulate enough money to get on the ladder, for a deposit and purchase fees. To do this, you need to take a look at your monthly outgoings and think about what can be cut out - holidays, new clothes, weekly takeaway. Using a savings calculator can help you to establish how long you will need to save for a deposit. Based on your income, you can figure out a realistic amount to save each month. 2. Have a realistic property search Set a budget for the property price you would like to buy, and think realistically about the location and size of your property. While we all may want that house with a view or extra bedroom, can you afford it? 3. Research Help To Buy and Shared Ownership schemes The government has introduced a few ways to help first-time-buyers get on the property ladder and they're great for those on lower incomes or to buy a property in more expensive areas like London. 4. Consider buying with another person Investing with somebody else you know is a sure way to get onto the property ladder. You only need to save half the amount you would otherwise, so you can work towards getting your property sooner. You can invest with a friend, family or partner. Naturally, it is a big step and a huge commitment so be open and honest about what you expect from living together — if you haven't already. 5. Talk to a mortgage broker and get your documents in order A mortgage broker can tell you exactly how much you can borrow for a mortgage, what you will need to pay monthly and in upfront costs. "It has taken us three years to get to this stage, and we are both pleased with how much we have saved. "We are genuinely enjoying our time. I love that it is peaceful, and the sound of the rain is relaxing and helps me sleep. "Sometimes, people living in a caravan receive a common misconception, which is simply false. We want this lifestyle, and we like living this lifestyle. Freya added: "Charlie loves animals, but I have always been animal mad. I was raised on a small holding and want to return to that life. "I've always wanted to improve our place and make it our own. We have plans to build our farmhouse, and Charlie wants to build his lake. We can't wait for the future." 3
The Independent
7 days ago
- Business
- The Independent
Renters growing less confident about ever buying a home
The number of renters actively saving for a house deposit plummeted to 17 per cent in July, a significant drop from 31 per cent at the start of the year, according to Barclays Property Insights. This decline is largely attributed to escalating rental costs, with nearly two-thirds (62 per cent) of renters reporting or anticipating a rent increase this year. The financial strain is also dampening home ownership aspirations, as only 12 per cent believe they can buy a home within the next year, and 37 per cent cannot afford one in their current or desired locations. Around a quarter (26 per cent) of renters are struggling to afford their monthly payments, with nearly half (45 per cent) to adjust their spending habits to cover housing costs. Despite the challenges, common strategies for saving include reducing discretionary spending, cutting back on holidays, or generating additional income through side hustles.
The Independent
7 days ago
- Business
- The Independent
Renters ‘finding it even harder' to save for house deposit
The number of renters actively saving for a house deposit has plummeted significantly this year, a new survey reveals, as soaring rental costs squeeze household budgets. Just 17 per cent of renters surveyed in July are currently building a deposit, a sharp decline from 31 per cent recorded at the start of the year, according to research from Barclays Property Insights. The primary driver behind this struggle is escalating rent, with nearly two-thirds (62 per cent) of those surveyed reporting they have either experienced or anticipate a rent increase this year, directly impacting their ability to save. This financial pressure is also dampening aspirations for home ownership. Only 12 per cent believe they can achieve it within the next year, rising marginally to 16 per cent over a five-year horizon. Furthermore, more than a third (37 per cent) find themselves unable to afford a home in their current rental area or desired future location. Despite these challenges, common strategies for accumulating savings include reducing discretionary spending, cutting back on holidays, or generating additional income through a side hustle, the survey noted. Around a quarter (26 per cent) of renters said they are struggling to afford their monthly payments, compared with around one in seven (15 per cent) home owners who feel the same way about their mortgage. Nearly half (45per cent) of renters said they are adjusting their spending habits to ensure they can continue to afford their housing costs. Many mortgage lenders have recently announced changes to their lending criteria, potentially enabling some people to take out bigger loans. Jatin Patel, head of mortgages, savings and insurance at Barclays, said: 'Many people dream to one day own a home, but our latest findings highlight how renters are finding it even harder to save for a deposit while keeping up with rising costs. 'More positively though, we're still seeing savers create strong habits, and consider carefully the balance between getting into the market quickly with a lower deposit or trying to minimise monthly repayments in the longer term.' Barclays commissioned Opinium Research to carry out a survey of 2,000 people across the UK in July.
