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6 realistic new year’s resolutions for first time buyers in 2025

Robyn Wilson Leave a comment

Ah, the start of a new year – the perfect excuse for a fresh start, a new diary, and a long list of overly ambitious new year’s resolutions. But if 2024 is the year you’ve decided to trade in your rented digs for a place to call your own, we’ve got some realistic, first time buyer specific new year’s resolutions to help you get there. And don’t worry, these won’t involve kale smoothies or 5 a.m. wake up calls – just a bit of planning, saving, and savvy decision making.

1. Save a specific amount each month

Unfortunately, a home deposit doesn’t just appear magically. Work out how much you’ll need to save by your target move in date, and divide it by the number of months you’ve got until then. Then set up an automatic transfer to a savings account, preferably one with good interest. You could also consider a LISA to boost your savings. Tip: treat this as a non-negotiable bill, not something you’ll ‘get around to later.’

2. Know your credit score (and show it some love)

Your credit score is like your financial CV – make sure it’s on top form. Use a free credit report tool to check your score and look out for any errors. If it’s not quite where you’d like it to be, don’t panic. There are often small changes you can make which could make a big difference when it’s time to apply for a mortgage. Tip: We often work with Censeo Financial, an Independent Mortgage Advisor, and they recommend CheckMyFile to get a comprehensive view of your credit report.

3. Complete your Pocket Living affordability assessment

If you’re serious about buying a home (and let’s face it, you wouldn’t be reading this otherwise), your next step is to see what’s realistically within your reach. Complete an affordability assessment for the Pocket scheme you like the look of to find out what kind of mortgage you could qualify for. 

4. Define your non-negotiables

Not every property will tick all the boxes. Start by identifying your top five must-haves (e.g., a location close to work or wfh space) and your deal-breakers (e.g., no outside space or too far from public transport). This will keep you focused during viewings and help you make confident decisions when the right property pops up.

5. Build your emergency fund

Even if you’re moving into a brand-new Pocket home, life’s little surprises don’t stop once you get the keys. Whether it’s unexpected repair costs or just making sure you’re not eating beans on toast every night after moving in, having a rainy-day fund will give you peace of mind. Aim for three to six months of essential expenses tucked away in an easy-access account.

6. Book a viewing and take the leap

Once you’ve got your finances and priorities in order, it’s time to take the next step: booking a viewing. With Pocket Living, you’ll get access to affordable, beautifully designed homes that are built specifically for London’s first time buyers. And who knows? Your perfect home might be waiting for you just around the corner.


Buying your first home doesn’t have to be overwhelming. With the right new year’s resolutions (and a bit of determination), you’ll be well on your way to unlocking the front door to your own place in 2025. So why not start now? Create your My Pocket account, complete your affordability assessment, and make this the year you leave renting behind for good.

Happy new year!

What does the election of Labour mean for first time buyers?

Hugo Owen Leave a comment

Following Labour’s landslide election victory earlier this month, we break down what the election of Labour means for first time buyers and whether there is reason for hope over the next four years.

What does this mean for interest rates?

A misconception that is often made is that a government has the power to cut or raise interest rates. This is not true. This power is in the hands of the Bank of England which is independent to the government.

However, the long-term economic forecast suggests there may be a cut in interest rates at the end of the summer. Given the continued fall in inflation and the economic stability a new government offers, things are looking promising for a cut from the 16 year high of 5.25%.

What is ‘A Freedom to Buy Scheme’?

Labour’s manifesto promise is to help more than 80,000 young people onto the housing ladder over the next five years. To do this they have promised a mortgage guarantee scheme coined ‘A Freedom to Buy’.

What does this mean? In simple terms, the scheme would support first time buyers by providing a guarantee for part of your mortgage, meaning you will not need as big of a deposit when buying a new home.  This is likely to replace the current mortgage guarantee scheme which is expiring in 2025.

What about Stamp Duty?

Currently, first time buyers pay no Stamp duty land tax on properties worth up to £425,000. On any property purchase price of up to £625,000, you will pay no Stamp Duty on the first £425,000. After this first-time buyers will pay 5% on the remaining amount, up to £200,000.

This threshold commitment was made by the conservatives and will run at least until April 2025. However, labour are reviewing this position and may bring the threshold down from £425,000 to £300,000.

Although this is not official yet it’s worth bearing this in mind if you are thinking about purchasing a home in the next 12 months.

Will Labour bring back help to buy?

Labour has no intention of bringing back help to buy.

How else will labour support first time buyers?

Labour have also promised that they will support first time buyers by giving them first dibs on homes in new developments. Labour is yet to provide any further information on how this system will work but expect announcements over the next couple of weeks.

Looking for a way to get on the property ladder?

Pocket offers affordable discounted homes exclusively for local city-makers, providing an opportunity for those on moderate incomes to get their foot on the property ladder and own a piece of the city they love. Our homes are unique and we sell our homes to first time buyers at a discount of at least 20% to other one-bedroom flats in the area. Pocket is an alternative to shared ownership, there is no rent payable on these homes, and you will own 100% from day one.

London boroughs ranked by accessibility

Hannah Godwin Leave a comment

The question of which borough is best for first time buyers is a hotly contested one. Affordability is undoubtedly an important factor, but so is the availability of local amenities and access to transport links. Where buyers choose to invest in their first home is one of the most important decisions they’ll ever make, so it’s crucial that the borough ticks all the boxes that matter most to them.

We conducted research to rank London boroughs by accessibility for city makers, taking into account annual house price growth, access to Cycle Superhighways and Green Flag parks and number of train stations and bus stops. Read on to find out which boroughs came out on top and why they stand out.

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Things-to-do-in-Barking

Things to do in Barking and Dagenham

Hayley Donigan Leave a comment

East London has a lot to offer, with certain areas becoming increasingly desirable due to rapid regeneration. A vibrant borough that we’re keeping an eye on is Barking and Dagenham, which is seeing significant growth in the arts and cultural sectors and an influx of jobs and new homes. More and more young people are moving further eastwards in search of affordable homes, so we’re pleased to have built a development for first time buyers right in the heart of this exciting borough!

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Best-green-spaces-London

The best green spaces near our developments

Hayley Donigan Leave a comment

London wouldn’t be London without its canals, riversides, gardens and parks. In fact, over 18% of the city is made up of parks, which is why it was named the world’s first ‘National Park City’. Beyond Hyde Park and Hampstead Heath, there are many lesser known nature areas big and small dotted around London’s boroughs. We make it our mission to build our developments in areas that have good access to them.

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Things-to-do-in-Croydon

Our favourite things to do in Croydon

Hayley Donigan 2 Comments

Dating back to the Domesday Book, Croydon has evolved into one of London’s most interesting boroughs, filled with markets, art and people from all walks of life. We’re more than ready to start adding to the mix with the launch of Addiscombe Grove CR0, our upcoming scheme in the heart of buzzing East Croydon.

Our favourite things to do in Croydon will undoubtedly resonate with the scheme’s future residents, who will all be city makers local to the area. With that in mind and in anticipation of Addiscombe Grove CR0’s launch this spring, we’re highlighting some of the coolest things to do nearby that really should not be missed.

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Up-and-coming-cafes-Tottenham

Our favourite up and coming cafés in Tottenham

Hayley Donigan Leave a comment

When you need a caffeinated drink in a hurry, you’re probably not too picky about where it comes from. But if you’re looking for a local spot that can become your regular, that really combines location, atmosphere, and great coffee, then you’ll need to do bit more digging.

To help, we’ve compiled a list of the best up and coming cafés in Tottenham, all a stone’s throw away from our West Green Place N17 development. Some are colourful, some are cosy, but all of them live and breathe the spirit of Tottenham, which is why we love them.

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