Despite these concerns, 72% said owning a home was still a priority. Santander said this had contributed to a rise in “home hustling”, with additional earnings used to top up savings.
Those who reported having a side income said they earned an average of £442.62 a month, typically for about seven hours’ work a week. Santander said 12% of “hustlers” earned more than £1,000 a month. Among those with side income, 64% said they saved most or all of it towards a deposit.
The most common activities included completing surveys (39%), gardening (20%), selling personalised items such as cards and gift wrap (19%), selling home baking (18%) and dog walking (17%).
Other approaches to boosting savings included setting aside the whole of any bonus or pay rise (24%), using savings challenges such as “penny a day” or “envelope” methods (23%), and swapping skills with friends, such as DIY in return for seamstress work (10%). Santander said 23% had sold childhood collectibles, including Beanie Babies or Pokémon cards, to add to deposit funds.
The research also pointed to common beliefs holding other first-time buyers back from exploring homeownership. One in five (19%) believed a minimum £50,000 deposit was required, while 17% thought the maximum loan-to-value available to them was 95%. A quarter (26%) said they believed affordability had worsened over the past year.