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Saving for your Hammersmith home

Published: 08/08/2017

If you want a healthy deposit for the London W6, property of your dreams, at the end of the day you will need to put money aside as you build towards getting on the ladder. Please see the following pointers on how best to do this:


With West London property prices being as high as they are the amount you will need for a deposit might at first appear to be impossible. This is not the case, simply approach it month by month and give yourself a realistic set amount you put aside. In time you will see your efforts rewarded.


Begin by analysing your current monthly spend. You’ll be surprised at the waste on trivial items or where you can cut or find alternative more affordable resources. You can set all of this out on spreadsheet, there are plenty online to choose from.


Make sure you don’t get over ambitious with the amount you set aside each month. Keep it realistic and low to start with, if you end the month with a surplus, top up your monthly saving. Don’t sabotage the whole process by creating a miserable, unsustainable existence living on bread and water.


Where do you put your savings as they grow? Take your time picking the best savings account for you, not every option will give you the same interest rate. Be mindful that certain options limit your ability to access these funds and if you need emergency access you may have to wait.


To make the process less painful, setup a direct debit or standing order. This will minimise your involvement and help you avoid the painful process of transferring money away from your immediate enjoyment. If you get in the mind-set that your monthly salary is less and put the savings to the back of your mind, you will cope much more easily.


Let people you know, friends and family, in on your saving goals, their support will help you from breaking the habit. Good friends and family support will not tempt you with excessive, expensive breaks away and nightly lavish meals in fancy Hammersmith restaurants.


At the start your enthusiasm for saving a deposit, will carry you through the first few months and you’ll be proud of your growing finances. Be aware that this won’t last and you will be tempted to break the cycle. Seasonal pre-planned treats won’t ruin your plans and in fact will help keep the savings going in the long-term, good luck and happy house hunting.


For any advice or help with buying a property in Hammersmith, West London W6, please get in touch with our sales team on 020 8222 9958 or email sales@willmotts.com