First-time buyers consider bizarre side hustles like selling socks to get on ladder

First-time buyers consider bizarre side hustles like selling socks to get on ladder

First-time buyers have turned to side hustles to get on the property ladder – with selling used socks among the more bizarre money-making ideas considered.

Research of 1,000 adults hoping to buy their first home found 49 per cent are turning to sources of secondary income to boost their savings on their way to ownership.

While traditional side hustles such as dog walking (17 per cent) and responding to surveys (39 per cent) remain popular, many would be willing to go further, and stranger, to boost their income.

Potential ventures range from crafting candles (14 per cent) to becoming a self‑styled ‘social media witch’ (12 per cent), and selling used socks (11 per cent).

On average, side hustlers earn £442.62 extra per month, putting in around seven additional hours a week, according to the research from Santander.

More than one in 10 (12 per cent) even reported earning over £1,000 a month, with 64 per cent saving most or all this extra cash towards building a house deposit.

The bank commissioned the research to highlight its My First Mortgage product, which offers up to 98 per cent loan to value with a £10,000 deposit.

David Morris, director of mortgages at the lender, 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, stamp duty and legal costs, as budding buyers are taking back control of their homeownership journey.

“We’d encourage anyone who wants to buy a property to speak to a mortgage professional to understand their options, they may be closer to owning a home than they think.”

One recent first-time buyer Anya Jones, 25, revealed how a side hustle helped her get onto the property ladder with a three-bed house in her early twenties.

The nurse was required to complete up to 40 hours of unpaid work experience per week as part of her degree, making traditional part-time jobs unviable.

She turned her hobby of making jewellery from sea glass found on her local beach into a business and began selling her designs on Depop.

As sales took off, she launched a website and eventually got her pieces stocked in 17 stores across her native Wales.

Rather than spending her earnings, Anya reinvested every penny back into her business, allowing her profits to grow, and within two years, she had made £10,000 – rising to £12,000 by the time she finished university.

That money paid for half of her house deposit, helping her buy her first home, alongside her partner, in July 2022, with the rest coming from babysitting, creating TikTok content and paid nursing shifts alongside her studies.

Anya, from Penarth in the Vale of Glamorgan, 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 – I never would have been able to buy a house at such a young age without a side hustle.”

It also emerged from the research that 53 per cent of respondents would be willing to do whatever it takes to buy their first home.

This rises to 59 per cent among those in the North West and climbs further to 63 per cent of Londoners.

Around a quarter would save the entirety of any bonus or pay rise (24 per cent) and turn to popular savings tricks such as the penny‑a‑day challenge or the ‘envelope challenge’ (23 per cent).

In fact, 23 per cent admitted they have sold childhood collectables – including Beanie Babies and Pokémon cards – to give their deposit savings a boost.

Despite these efforts, misconceptions remain, as 20 per cent of budding buyers believe they need a minimum of £50,000 for a first‑home deposit.

However, data from Santander UK revealed the average aspiring buyer currently has around £9,000 in savings.

David Morris added: “It’s tough out there for today’s first-time buyers, but they’re not giving up.

“In fact, the ambition to own a home remains as strong as ever with buyer optimism boosted by recent affordability changes and new, higher LTV products.”