The average first-time buyer deposit is almost one-fifth (18%) of the cost of a property according to a report released by Halifax and house prices are rising. The average UK house price hit £178,249 in March and according to a report by Halifax, that’s £14,000 greater than just 12 months ago (£164,341 in March 2013). It's also the biggest surge since the start of the financial crisis.
Whether you’ve got your eye on your dream family home, or you’re curious about the state of the property market, have you ever wondered what else you could buy for the cost of that hard saved or much desired 20% deposit? Well, here goes...
1. A light aircraft
Ever fancied yourself as a pilot? A light aircraft such as this second-hand Christen Eagle will set you back £50,000. However throwing caution to the wind might be something you want to think twice about – the sum could provide a 20% deposit on a £250,000 home, and you’d get to keep your feet planted firmly on the ground.
2. A lock of Justin Bieber’s hair (possibly)
In 2011 Canadian singer Bieber cut his hair and within a couple of hours, a lock in a signed box sold for $40,668 (roughly £24,000) on eBay. It was part of a charity auction and the proceeds went to an animal rescue foundation. Could the anonymous buyer be hoping for new developments in the world of cloning some day? Either way that £24,000 could be a 20% deposit on a £120,000 home.
3. A beach hut in Lancashire
Fancy somewhere to relax after dipping your toes in the Irish Sea? A £30,000 savings pot would buy you a cosy beach hut like this one in Lytham St Annes, not too many miles from that classic British seaside town of Blackpool. Or you could use that money to put a 20% deposit on a £150,000 property.
4. The first step towards your very own popemobile
For a little over the cost of a 20% deposit on a £222,250 home, you could buy a brand new £44,450 Mercedes-Benz M-class, the vehicle adapted by the Vatican for the current incarnation of the “popemobile”. It might cost a little (or a lot!) extra to adapt it though, especially if you’re after the bullet proof glass and accompanying security detail.
5. A houseboat in London with “river views”
It might sound romantic and, at £40,000, cheap for the capital, but you’ll still need to pay mooring fees and things might get nippy in winter. Nevertheless a 20% deposit on a £200,000 home (that’s £40,000) could make you a captain of your own ship (well, this houseboat).
6. A racehorse
You can’t live in it and you probably can’t even commute to work on its back, but for the price of the racehorse Dance With Dragons (£35,000), you could put a 20% deposit down on a property worth £175,000. That’s just below the national average house price!
Saving for a house can be tough. If you’re spending your money on a racehorse, it’s probably a conscious decision that you’ve made for yourself, but there are a lot of similar less extravagant and sometimes unnecessary expenses that can easily slip through the net. Money Hub is our spending analysis champion that can help you to track your expenses to make sure you’re spending on the things that you value, or the things that you need. Why not try it today?