Ways to Save for a Deposit When Inflation Is on the Rise

Ways to Save for a Deposit When Inflation Is on the Rise


The cost of living seems to be flying off the rails at the moment and making many soon-to-be first-time buyers wonder if they will ever be able to afford the deposit or end up buying and living in their dream home.

Although things may look grim currently, there is no reason to panic and put your dreams on hold. Saving for a down payment is still achievable and our experienced estate agents in Newham are here for you, sharing their tips on how to save for your first home in this unpredictable economic climate.

Our experienced estate agents in Newham are constantly supporting first-time buyers, as well as landlords and renters to find the best ways to achieve their dreams and match their budgets with their ideal properties. They are committed to providing the best advice and make it their mission to consistently deliver the best services. To get in touch with them, call our estate agents in Newham today at 0207 055 0441.

What you can find in this article:

Don’t Waste Any More Time

Don’t Waste Any More Time
Don’t waste your time typography vector sticker

The first piece of advice our experienced estate agents in Newham want to share is “Act now rather than later”. What this means is that, if you have decided it’s time for you to buy your first home, you should not delay starting your research on what types of properties match your needs and your budget and saving up for the deposit.

Our estate agents in Newham recommend you start by doing the research yourself or employing the help of an experienced estate agent. Your research should target the types of neighbourhoods and properties that suit your current and long-term requirements and income level, as well as mortgage options and costs.

Be sure to be thorough in your research as this will help you plan better. And planning is the best way to safeguard yourself against mishaps like choosing a home that will no longer work for you in 5 years or signing up for a mortgage you won’t be able to pay off.

Once you’ve narrowed down your options and know what costs are associated with your ideal home and its mortgage, it will be time to start saving for the deposit.

Starting sooner rather than later is just as true about saving as it is about planning. Calculate how much money you need for the deposit and start saving today. Just a little will go a long way to set you up for affording to pay the deposit for your first home.

Plus, once you start saving, you’ll be more mindful of your budget and more eager to find ways to save on current expenses and save more.

Track Expenses and Plan

When it comes to saving money

When it comes to saving money, our estate agents in Newham recommend you start by tracking where your income is currently going. Check what your monthly expenses are, categorize them, and see where you can trim from. The more you are able to trim, the more money you’ll be able to save for your deposit, and the sooner you will be able to move into your first home.

Use classic pen and paper and your bank statements or a specialized app to track where your money goes each day. Seeing the numbers will give you a clear picture of what is eating up more of your income than it should and help you plan how to save more efficiently.

Another tip our estate agents in Newham recommend is calculating a minimum amount to save up each month and setting up an automatic transfer from your current account to your savings account for that amount.

Cut, Cut, Cut

Estate agents in Newham recommend when it comes to savings

Once you get a better picture of how you spend your money each month and what you probably shouldn’t spend as much as you do on, you can start saving for your deposit more efficiently.

Here’s what our estate agents in Newham recommend when it comes to savings:

  • Save on petrol by using a bike, walking, or using public transport
  • Save on your groceries by shopping at discount supermarkets
  • Reduce food waste by planning your meals
  • Cut down on food costs by preparing meals at home rather than eating out
  • Save money on energy bills by:
    • switching normal bulbs for economical ones
    • not using appliances like the dishwasher or dryer whenever possible
    • using a lower temperature when washing your clothes in the washing machine 
    • unplugging your devices when they are not in use

Take Advantage of Available Support Schemes

Take Advantage of Available Support Schemes

Once you start saving for your deposit, you will be able to access government support schemes or benefits. Their main goal is to help you reach your required deposit for your first home faster.

Do your research on your own or enlist the help of an experienced estate agent in Newham to see what government schemes you are eligible for.

Take a closer look at first-time buyer schemes like:

  • Lifetime Individual Savings Account (LISA)
  • Right to Buy and Right to Acquire
  • Shared ownership

You can also look into benefits for low-income households such as the Cost of living payment.

Another great option to look into is the Help to Buy Scheme. This scheme supports first-time buyers looking into purchasing a new-build property by helping them purchase a home with deposits of as little as 5%. Some developers also offer additional incentives like Help to Buy Equity Loan or First Time Buyer Boost, offered by St. Modwen Homes.

If you have set your sights on buying your first home, the time is now. Our experienced estate agents in Newham are by your side each step of the way and can help you find the ideal property for your needs and budget. Call us today at 0207 055 0441 to get professional advice and support to achieve your goals.

5/5 - (701 votes)

Our Agents

Estate Agents Qaiser

Qaiser Masood

Estate Agents Rizwan

Rizwan Ashraf

What Our Customer's Say

Samarpan Thorat
Samarpan Thorat
They have multiple options.
Lana Matta
Lana Matta
Exceptional service! Always on time and proactive!
Adetola Ajala
Adetola Ajala
From just a walk in to prompt service delivery. Adil took time to explain about property market and was very professional in every aspect of negotiation and final house letting process. So far property management has been satisfactory.
Amit Bains
Amit Bains
I chose REMAX and Adil specifically to manage my property in the Canning Town area because I could tell the enthusiasm and customer service levels were extremely high. I have not been disappointed given the current market and global situation over the past year and more I could not have asked for a more attentive agent then Adil and the wider REMAX team
Adnans Syed
Adnans Syed
Remax barking is best agents Mr Adil is best Man to deal with we take House From Mr Adil in 2018 now in 2021 we are moving From house But There service is very professional and decent I moving my house but in many years no problem with them regarding anything I live in U.K. since 15 years but this is the best agency we had if you guys be with remax barking road you never be a disappointed that’s for sure great service see you in future Mr Adil thanks for you kind service god bless you 🙏
Thunicia Moodley
Thunicia Moodley
I approached REMAX after being dissatisfied with another agent in the area, who was very poorly responsive, negligent with our property, & unable to rent it out for 3 months. From the first interaction, Adil was highly responsive, provided advice on what was required to bring the property back up to standard, and swiftly obtained quotes for all work that needed to be carried out. REMAX oversaw completion of the extensive work & secured tenants in approximately 4 weeks. I initially contacted REMAX, amongst other agents, due to their high Google ratings. Based on my own experience, I rate the level of customer service & professionalism 5 star. Thank you Adil & Team.
Anam Asghar
Anam Asghar
Excellent Customer Service and prompt action been taken when finding property for my self… Highly Recommended 👍🏻
Nitu Mariana
Nitu Mariana
I have just secured a new apartment using the REMAX Canning Town Branch, and during the whole process, Mr Masood Qaiser was very helpful. I contacted him through Facebook regarding the available property. He was very professional, good communicator. Patient and reliable. Explained all the processes and followed up with emails and calls, which helped put my mind at ease and helped me throughout the whole process, making the process smooth and easy. Even he helped me with switching the bills. So I very much recommend this agency. I had a positive experience with them.
Martin Parvanov
Martin Parvanov
I saw so many properties to rent in Facebook . You have so many advertises and when I ask Julian if they are still available He doesn't reply to me. Even not only him ..There is another guy I can't remember his name and he doesn't answered on my messages as well. This is the reason to give you only one star
Saugat Budhathoki
Saugat Budhathoki
I've used Remax Canning Town Branch for Letting my apartment in Rathborne Market. Mr Rizwan is reliable and goes the extra mile to help and secure the professional tenants as I wanted. On top of his knowledge and experience, Rizwan is kind and personable, a pleasure to work with him, and I recommend REMAX wholeheartedly.

Are you looking to

We need to know if you require a Sales or Lettings valuation to provide you with the right local expertise.