First-time buyers are resorting to side hustles to help get a foot on the property ladder, with selling used socks among the more bizarre money-making schemes being considered. A survey of 1,000 adults hoping to purchase their first home revealed that 49% are turning to additional income streams to bolster their savings.
While traditional side hustles such as dog walking (17%) and completing surveys (39%) remain popular, many would be willing to go further. Potential ventures include crafting candles (14%), becoming a 'social media witch' (12%), and selling used socks (11%). On average, side hustlers earn £442.62 extra per month, putting in around seven additional hours a week, according to research from Santander.
One recent first-time buyer, Anya Jones, 25, from Penarth, Wales, used a side hustle to help buy a three-bed house. As a nurse, she turned her passion for crafting jewellery from sea glass into a business, selling designs on Depop. Within two years, she had made £10,000, which covered half of her house deposit.
David Morris, director of mortgages at Santander, said: 'Home hustling is just one way would-be buyers are boosting their income streams. It can expedite the time it takes to save for a deposit.' The bank commissioned the research to highlight its My First Mortgage product, which offers up to 98% loan to value with a £10,000 deposit.
The research reveals that 53% of respondents would be willing to do whatever it takes to buy their first home, rising to 63% among Londoners. Morris added: 'It's tough out there for today's first-time buyers, but they're not giving up.'
