First-time buyers are increasingly turning to unconventional side hustles, such as selling used socks, to save for a home deposit. A survey of 1,000 aspiring homeowners found that 49% rely on additional income streams to bolster their savings.
Creative Money-Making Ventures
While traditional side hustles like dog walking (17%) and completing surveys (39%) remain popular, many are exploring more unusual options. These include crafting candles (14%), becoming a self-styled 'social media witch' (12%), and selling used socks (11%).
On average, side hustlers earn £442.62 extra per month, dedicating around seven additional hours weekly. Over one in ten (12%) report earning more than £1,000 a month, with 64% saving most or all of this cash toward a house deposit.
Santander's Research
The research, commissioned by Santander, highlights its My First Mortgage product, offering up to 98% loan-to-value with a £10,000 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 saving for a deposit, stamp duty, and legal costs, as budding buyers take back control of their homeownership journey."
Success Story: Anya Jones
Anya Jones, 25, a nurse from Penarth, Wales, used a side hustle to buy a three-bedroom house. Unable to work part-time due to unpaid work experience, she turned her hobby of crafting jewellery from sea glass into a thriving business. She sold her designs on Depop, launched a website, and eventually stocked 17 stores across Wales.
Within two years, Anya saved £10,000, rising to £12,000 by graduation. This covered half her deposit, with the remainder from babysitting, TikTok content, and paid nursing shifts. She said: "Even with two incomes, it's a struggle to save for a deposit. They seem so out of reach for people on regular salaries."
Regional Determination
The survey reveals 53% of respondents would do whatever it takes to buy their first home. This rises to 59% in the North West and 63% in London. Additionally, 23% have sold childhood collectables like Beanie Babies or Pokémon cards to boost savings.
David Morris added: "It's tough out there for today's first-time buyers, but they're not giving up. The ambition to own a home remains strong, boosted by recent affordability changes and new higher LTV products."
Popular Side Hustles Among First-Time Buyers
- Gardening
- Creating and selling personalised items (e.g., wrapping paper, cards, clothes, bags)
- Selling baked goods
- Leaflet distribution
- Candle making
- Selling feet pictures
- Furniture flipping (buying, painting, and reselling)
- Childcare services/behavioural advice
- Social media witch (selling spells, potions, tarot readings)
- Selling used socks
