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According to Rightmove, house prices smashed a sixth consecutive record in July and while inflation rockets and the cost of living intensifies, saving for a property might seem intangible to many first-time buyers - especially those going solo. However, there are options and tips you can capitalise on to get your foot on the ladder to snap up your dream home.

Research conducted by Barclays revealed that in 2021, the average deposit for first-time joint buyers was £61,000 and for a solo buyer, it was also £61,000.

But out of all buyers surveyed, 56 percent of first-timers said they wouldn’t have been able to buy their home without family support.

Budget expert Natalie Lachim at Discount Code said: “Shopping second-hand, cutting back on some of your TV subscriptions, and hosting a dinner party instead of going out for a meal can obviously help you save some money each month.

“But with the Help to Buy scheme due to be scrapped next year, there may be some other ways to save, without depending on being given money from your family.”

Ms Lachim shared eight practical tips you can use to help you afford to buy a house, on your own.

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It is possible to get a ‘one-person mortgage’ with a 5 percent deposit.

Ms Lachim said: “Speak to a mortgage advisor who would have access to specialist mortgages and will help you apply for schemes that might help increase your deposit.

“An advisor would be able to help show your earnings in the best light in applications, which can help with getting the maximum mortgage amount.”

The right savings accounts are key to racking up additional funds via interest, and Ms Lachim recommends starting a Lifetime ISA to do this.

A Lifetime ISA can be opened by anyone aged 18 to 39 with just £1 to start with.

It allows you to save up to £4000 a year, after which the Government will add a 25 percent bonus of up to £1000 a year to your savings.

Ms Lachim said: “You need to have the account open for a year before you can use it for your first home so open one as soon as you can.

This doesn’t mean getting a housemate – shared ownership involves buying shares in your home from a landlord.

Ms Lachim said: “You can start with as little as 25 percent and eventually bring it all the way up to 100 percent.

“This means the mortgage costs are a lot lower than a full mortgage and more manageable as a monthly payment for a solo buyer. This is also a good option for joint buyers on lower incomes.”

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A shared equity mortgage is an arrangement in which a lender and a borrower will share ownership of a property. This is a great option for those hoping to put down a smaller deposit on a house they wouldn’t be able to afford the full deposit for.

Ms Lachim said: “You get a loan from the developer to increase your deposit, which you pay back to them as you pay your mortgage.

“These usually have very low interest rates, and you don’t have to pay it back for the first few years.”

Ms Lachim said: “If you start with a blank canvas like a new build, you can choose from a range of add-ons and options like downlights in the kitchen and walk-in wardrobes, that would be much cheaper to add at the building stage than it may be to source and fit later down the line.

Older houses may be full of character and a DIY project build might be fun to begin with, but it can often uproot hidden issues that may not have been budgeted for in the first place.

Budgeting apps like Money Dashboard and Plum can help you visualise your finances and give you a clearer idea of what you can afford to save.

Auto-saving and round-up saving apps may help you save up more than you even notice.

Set up a monthly direct debit that you know you can afford to go straight into your savings account on payday, rather than just putting a bit in here and there.

Ms Lachim said: “If you treat it like a bill that has to be paid, you might be less tempted to dip into the savings when it gets to the end of the month.”

Ms Lachim said: “House prices do fluctuate so you may be able to buy sooner than you think.

“But don’t forget to save a little more for legal fees and any work that might need to be done on the property."

Ms Lachim said: "At times, it may seem like the finish line is out of reach; especially when you find yourself declining invitations from friends more often than not in order to save some money.

"Saving for a house, whether you're doing it alone or with another person, does mean sacrificing some things. However, it's important not to beat yourself up for spending some money on yourself every now and then!

"You don't have to completely deprive yourself of fun and self-care, just to get into a property a month or two sooner. It will be worth the wait!"

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