Can skipping a Greggs breakfast really help you get on the housing ladder? An estate agent has prompted a row after saying saving £5 a day could help people get a deposit for a house.
There are few things likely to generate a social media storm than people being told they could afford a home if only they spent their money different. And West Midlands estate agents DM & Co. Homes have found this out.
MirrorOnline reports that the estate agents caused a stir on TikTok after saying that people who purchase a Greggs breakfast every morning could have saved just under £10,000 for a house deposit instead. Many people questioned whether such a post was helpful.
The maths assumed £5 being spent seven days a week which would add up to £8,400 over five years. This would be enough for a five per cent deposit on a £175,000 home.
Text on the clip reads: "You spend £5 at Greggs every morning. That's £35 a week.
"That's £140 a month. That's £1,680 a year.
"Three years later that's £5,040. Five years later that's £8,400.
"You could've added that to your deposit on a property."
The estate agents captioned the video writing: "Who's guilty?"
Reaction on TikTok
Nonameman53 wrote: "Every penny you’ve ever spent could have been saved and added to your deposit, but humans buy things. So this doesn’t work."
Gareth Jones said: "I agree with the premise that a little change can add up but this kind of advice frustrates more than helps. The housing market is broken and telling people not to buy a coffee isn't going to change that."
Antonios wrote: "No one buys Greggs 7 days a week. Maybe 5."
Prettypumpkineater69 said: "The purchasing power of that £8400 is gonna be far less in 5 years time than what it is now"
James said: "nd if you never did anything you enjoyed ever you would save thousands a year." Callum Low said: "I'd rather Greggs than a house. Besides it’s £2.40 for a bacon roll and coffee."
