If you’re currently saving for your first home, you might want to look away now. The latest Zoopla house price index for August 2021 revealed that house prices have risen by £44 per day in the last six months.

House prices have rocketed since the coronavirus pandemic began back in March 2020. In that time the average house price has jumped up by a staggering £17,508. If you break it down, house prices have increased by £34 per day in that time.

However, the housing market particularly took off once lockdown lifted. The latest Zoopla report revealed that since February 2021 the daily increase of house prices has varied from £64 in the South East, £63 in the South West to £24 in the North East.

Image credit: Future PLC

Average house price increase per day

On average, this means house prices have increased by £44 a day, £308 a week. To put that into perspective the average weekly shop for a family in the UK is £97 according to the ONS, making the weekly house price rise equivalent to an extra three weekly shops.

These new figures demonstrate just how much this year’s house price growth has altered the daily savings target for anyone saving up for a new home.

The Zoopla house price index revealed that the annual house price growth had increased by 6.1 per cent in August. That makes it more than double the growth rates in the last 12 months.

Image credit: Future PLC / David Giles

Despite tax breaks such as the stamp duty holiday winding down, house price growth is expected to continue to grow.

Grainne Gilmore, head of research at Zoopla said that buyer demand remains higher than typical levels for this time of year.

‘The demand coming from buyers searching for space, and making lifestyle changes after consecutive lockdowns, has further to run,’ explains Grainne Gilmore, Head of Research at Zoopla.

Image credit: J Tim / Future PLC

‘Balancing this, however, will be the ending of Government support for the economy via furlough, and more challenging economic conditions overall, which we believe will have an impact on market sentiment as we move through (the fourth quarter of this year).

‘We expect the market to remain busy compared to historical norms, and for price growth to remain in firmly positive territory at the end of the year.’

This might be grim reading if you’re saving to be a would-be homeowner. We say this with a heavy heart, but you might need to put that Aldi velvet chair order on hold to keep up.

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Tired of their busy city life and looking for a new adventure, the owners relocated to Margate back in 2015. ‘At the time we wanted to get on the property ladder which was something we couldn’t afford to do in London’.

’We were drawn by the inspiring views, sandy beaches, and the artisan vibe of the seaside town. There is something extremely special about Margate, it has an energy you can’t help falling in love with!’

The couple initially bought a Victorian two-up, two-down which they fully renovated over the following four years. Keen to expand their property portfolio, they decided to buy an apartment as an investment. Somewhere to rent out, but that could also be enjoyed by family and friends.

Open-plan living

Image credit: Future PLC/James French

The search led to a charming, one-bedroom apartment, on the third floor of a grade II listed building, overlooking a pretty, leafy Regency square. ‘I loved the façade of the building, and the gorgeous views of the rooftops and sea from the bay window in the bedroom.

The apartment has an open-plan living and kitchen area, one double bedroom and a bathroom. Although compact the space has good proportions, with big Georgian windows that flood the rooms with light.

The period of the property and the contrast of the living room paint idea of half painted dark and light walls has created quite a decadent space.

Image credit: Future PLC/James French

As a fan of maximalist style, the interior is a skilful combination of a rich mix of colours and textures.

Passionate about vintage pieces and ethically sourced products, favourite pieces in the apartment include the two large vintage prints hanging on the chimney breast in the living room. They were found in an old outhouse in a family property in Sweden. Perfectly paired with the sisal baskets from a local artisans shop that have been hand-woven by women’s cooperatives in rural Kenya.

Bespoke kitchen

Image Credit: Future PLC/James French

The bespoke wood kitchen idea was made and fitted by a friend and local carpenter and was designed with eye level cabinets, hidden appliances and open shelving to create an interesting focal point. The raised kitchen table provides a natural divide between the living area and the kitchen.

The on-trend paint choices of dark to light continues through from the lounge to the woodwork and kitchen cabinetry, adding depth.

The bedroom

Image size: Future PLC/James French

The owners went for calmer shades in the bedroom. Here the pale green décor and light from the bay window created a completely different atmosphere. The soft grey on the top of the walls has been carried into the bedroom, creating continuity with the rest of the apartment.

A decorative wall panelling idea and a plum headboard adds character and a rich contrast to the bedroom’s pale green bedroom colour scheme.

Image credit: Future PLC/James French

‘It is so tranquil,’ says the owner of the serene bedroom space. ‘On a clear day you can see right across the ocean from the comfort of the bed. I could spend hours in there’.

The bathroom

Image credit: Future PLC/James French

The bijou, quirky bathroom has been cleverly designed with a raised walk-in shower idea. A separate sink area and zoned lighting making the most of the small, windowless space.’This must be the place’ is spelt out in the floor tiles, to add a quirky touch.

This stylish apartment proves no matter how compact your space you can still go big with creative ideas.

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Whether you are thinking of buying a house now, or expect to buy one in the future, Martin Lewis’ lifetime ISA tip means you could get your hands on £1000 free cash using just £1.

In Martin Lewis’ new Tik Tok series for 18-35 years old, he told any first-time homebuyers that they need to open a Lifetime ISA with just a quid.

‘If you’ve never owned a house put a quid in a Lifetime ISA, why because it gets the clock ticking,’ explained the Money Saving Expert about his property advice.

Image credit: Lizzie Orme

‘The Lifetime ISA is a saving product you can put up to £4000 a year in, when you do the state puts 25 per cent in on top of that. So when you put £4000 a year in it they’ll put £1000 towards your first home,’ he adds.

You might be wondering why the need for the £1, well according to Martin Lewis it is all about making sure your account has been open long enough to benefit from the bonus. Without it could delay you snapping up the £1000 by a year.

‘You have to have it open for a year before you get the bonus,’ he explains. ‘So if you put a £1 in now, even if you’re not thinking of buying a house yet, then once you are ready to buy you’d be able to get the bonus instantly. 

Martin Lewis Lifetime ISA tip

If you already have an active Lifetime ISA and a looking to buy a home soon, Martin Lewis top tip is to make sure you top it up to the maximum £4,000 by the end of the tax year to snap up £1,000 free cash.

Image credit: Lizzie Orme

‘First-time buyers, fill up your £4,000 lifetime ISA allowance now – if you don’t use it, you lose it,’ says Martin Lewis in the Money Saving Expert newsletter. ‘A lifetime ISA can be opened by those aged 18-39 and gives first-time buyers using it towards a home a 25 per cent bonus on everything they manage to save. Capped at £1,000 per tax year.’

‘You can put in up to £4,000 per tax year, which means you’ve until 5th April (you can put in another £4,000 the next day),’ it explains. ‘So if you can max it out, do.’

The Lifetime ISA was introduced in April 2017. It replaced the Help to Buy ISA that was phased out in November 2020.

Image credit: Lizzie Orme

It allows first-time buyers to save £4,000 a year, double what you could save with Help to Buy. Each year, if you can save up to that amount, you can receive £1,000 of free cash annually. What’s more, you also earn interest on whatever you save, which is tax-free.

However, if you decide to withdraw the cash and not use it for a first home or retirement, you’ll have to pay a penalty.

If you haven’t opened a LISA yet, but are thinking about it, the Moneybox Lifetime ISA offers the top cash LISA rate. However, you will need to open and manage the account in Moneybox’s app.

If you have that £1 start looking for the best LISA deal for you.

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A busy mum gave her daughter’s room a garden-themed bedroom makeover on a small budget, saving £600 by doing the work herself.

Decorating a child’s room can be tricky – after all, you want to dial up the creativity without spending a fortune on a design they’ll soon grow out of. That’s why Mum, Anna Oliver, decided to make keep costs low by making sure that everything she used was affordable and carrying out the work herself.

Garden-theme bedroom makeover

‘My daughter asked for a garden-themed bedroom, which started the ideas swirling in my brain!’ Liverpool-based Anna told money-saving community LatestDeals.co.uk.

‘Looking on Instagram helped to confirm in my mind that I wanted a pink and green colour scheme. Although my daughters are only young, I wanted the room to feel a bit more grown-up, but still delicate and feminine.’

Keen to keep costs down, when brainstorming girls bedroom ideas, Anna decided to do all the work herself. ‘We had a plasterer in, who was brilliant, but the rest of the work we knew we could do ourselves and save money in the process,’ she says.

Before

Image credit: Anna Oliver

As you can see, it was in real need of a makeover, but before it could be decorated, the room needed to be stripped back. ‘We replaced the old rotten window for £390 and got a plasterer in to skim all the walls and the ceiling for £340,’ says Anna.

‘We also had a new laminate floor fitted, which cost £450 including the fit. We avoided professional expenses where possible – for example, we stripped the walls of wallpaper ourselves, and by not getting a painter-decorator in we probably saved ourselves around £600.’

Image credit: Anna Oliver

Decorating the room wasn’t all smooth sailing and there were some obstacles that had to be overcome. ‘We had a leak from the chimney which resulted in the ceiling staining and needing to dry out over the wintertime before we could paint it,’ says Anna.

If you suspect you have a leak it is best to follow Anna’s lead, address the area, and allow it to dry out with the help of a dehumidifier before continuing with the project.

‘Then, when inspecting the leak in the loft space the ceiling got damaged and had to be repaired and replastered– so that pushed things back too!’

After

Image credit: Anna Oliver

The finished result is a botanical dream that any little girl would be happy to spend time in, with flower-filled bedding and hanging foliage that gives us The Secret Garden vibes.

After the walls were painted, it was time for the old wardrobe to get a makeover. ‘I painted it using Frenchic paint in Dusky Blush, which cost £19.95,’ says Anna. ‘I also replaced the handles with new ones from eBay for £7.’

One of the key features in the room are the ivy garlands that drape up and along the tops of the walls. ‘I’m asked a lot about those,’ Anna says. ‘I bought a pack of faux ivy garlands on Amazon for £12 and stuck them to the wall and ceiling using White Tack. The round-shaped pink cushion and basket are both from B&M.’

Image credit: Anna Oliver

Despite shopping clever, Anna still wanted to invest in furniture that would last. ‘I paid £500 for the beds and mattresses, and £100 for the chest of drawers,’ she says.

The same faux ivy garlands were wound around the base of the bed to create an outdoor feel to the room. ‘We painted one wall using a colour we matched to Mizzle by Farrow & Ball, which was £25, saving £20,’ she says.

Now that the project is over, Anna couldn’t be happier with the outcome. ‘There’s nothing I would change, which is actually a surprise as I’m a perfectionist!’ We bet Anna’s daughters are thrilled with the result.

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