How to Save for Your First Home in Reading
Thinking of buying your first home in Reading? Discover how local first-time buyers are saving for deposits in 2025, including shared ownership tips from WhiteKnights Estate Agents.
Real Tips for First-Time Buyers
Getting on the property ladder can feel like an uphill battle, especially in today’s market, but if you're a first-time buyer in Reading, you're not alone, and you do have options.
A recent survey by TSB found that an incredible 80% of first-time buyers (FTBs) moved back in with their parents to save for a deposit. And 96% received financial support from family or friends to help get their foot on the ladder.
Here in Reading, where house prices are often more affordable than London, but still competitive, saving for a deposit is often the biggest hurdle, but it’s not impossible. With smart planning, local advice, and flexible options like shared ownership, many buyers are finding success.
The Realities of Buying Your First Home in 2025
According to TSB’s survey:
- Average deposit: 18.7% of the purchase price (23% in London, 13% in Wales)
- Average FTB age: 32 years
- Average saving time: 2.95 years
- Average mortgage term: 31 years
- 45% of buyers felt more financially secure after buying
Many also made lifestyle sacrifices:
- 38% delayed major purchases
- 37% cut back on socialising
- 37% took on second jobs
These numbers show the real effort behind buying a first home, and if you’re currently renting in Reading at around £1,000 a month, you’re likely finding it hard to save much. That’s why moving back home (if it’s possible) or reducing expenses could significantly speed up your journey.
First-Time Buyer Tips from WhiteKnights
At WhiteKnights, we work with first-time buyers every day across Reading, Wokingham, Woodley and Lower Earley. Here are our top tips:
Explore Shared Ownership Options
If saving a full deposit feels out of reach, shared ownership could be your ideal starting point. It allows you to buy a share of a property (often from 25% up) and pay rent on the remaining part, meaning you need a much smaller deposit and get on the ladder sooner.
Get a Mortgage Consultation Early
Many buyers wait until they’ve saved most of their deposit before speaking to a mortgage broker. But getting advice early can help you:
- Set a realistic savings target
- Discover government schemes or incentives
- Understand what lenders are really looking for
WhiteKnights work with trusted mortgage advisers who can guide you at every step.
Make Use of the ‘Bank of Mum & Dad’ (If You Can)
It’s more common than ever, with 68% of FTBs getting help from family. If your parents are in a position to help, even a small loan or gift can make a big difference. There are also options like guarantor mortgages where a parent’s income or property can help support your application.
Be Flexible on Your First Home
You might not be able to afford your forever home just yet, and that’s okay. Many FTBs are choosing more affordable or up-and-coming areas of Reading, like:
- Whitley - great value and easy access to the M4
- Southcote - ideal for young professionals
- Shinfield or Arborfield - newer developments with shared ownership options
A first home is often a stepping stone, not the destination. You can use the affordability calculator here to find out what you can afford!
Plan a Realistic Timeline
Nearly three years is now the average saving time, longer if you're renting. Creating a clear plan with monthly savings goals, lifestyle adjustments, and regular financial reviews will keep you on track.
Let’s Get You on the Ladder
Whether you're early in your saving journey or ready to view your first home, our team at WhiteKnights is here to help. From shared ownership opportunities to honest advice and local property expertise, we’ll support you every step of the way.
Book your free first-time buyer consultation today and let’s take that first step together - Register Here
P.S. Don’t Miss Our Shared Ownership Listings!
Browse our current selection of affordable shared ownership homes in Reading - they're perfect for first-time buyers looking for a lower deposit option.