Saving for a deposit can seem like a daunting task, especially in areas like London and the South East. However, with the right strategies, achieving your goal of homeownership is within reach. Shared Ownership offers a solution by allowing you to purchase a share of a home and pay rent on the remaining portion, making it more affordable. For example, a 25% share of a two-bedroom home at West Acre Square requires a deposit of just £6,625 significantly lower than the deposit needed for full ownership. 

If you’re thinking it’s time to leave the renting game, read on for our top tips for saving for a deposit on a home to buy, whether via Open Sale or Shared Ownership. 

The first step is to set a savings target and stick to it. Begin by breaking your goal into smaller, manageable amounts. For example, if you aim to save £20,000 over the next two years, set a monthly savings goal of about £833. A clear plan helps you stay on track and motivated. 

To make your savings grow faster and without constant management, consider using a high-interest savings account. While the interest rates may not be significant, it’s an easy way to earn extra money on your deposit. Use price comparison sites to find the best savings account options. Some accounts offer higher interest rates, which can help you save more over time. 

A Lifetime ISA (LISA) is a fantastic way to boost your savings. For every £4 you save, the government will contribute £1, up to £1,000 each year. This can significantly increase your deposit fund. You can open a LISA with various banks and building societies, and it’s a great option for first-time buyers. For more information on how to set up a LISA, check out MoneyHelper’s guide. 

At Southern Housing New Homes, we offer a wide range of homes across London and the South East with Shared Ownership. This scheme allows you to buy a share of a home and pay a lower deposit.  

A minimum 5% deposit is required but only on the share you're purchasing, not the full market value of the home - making it a more accessible way to get onto the property ladder. 

 For instance, a 25% share of one of our homes can be more affordable, making it easier to achieve your homeownership goals.  

Southern Housing New Homes is a trusted provider of high-quality homes with affordable options like Shared Ownership. We offer a variety of homes, many with private outdoor space, so you can enjoy the freedom and privacy of your own home. With lower deposit requirements, our homes make it easier to get started on your homeownership journey. 

Ready to explore your options? Contact our team today or learn more about our homes and Shared Ownership opportunities. We’re here to help you take the next step toward owning your dream home.