An estate agents has come under fire after claiming first-time buyers can save £8,000 towards a house deposit if they stop buying Greggs.
DM & Co Homes took to social media platform TikTok to point out that those who spend £5 on their breakfast every morning at the popular bakery could instead put that money towards a deposit on a property.
The estate agents pointed out that people could save £35 per week, £140 a month and £1,680 a year if they purchased Greggs seven days a week. This equates to a total of £8,400 over five years - which is around the amount needed for a 5% deposit on a £175,000 property.
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The viral TikTok video has since racked up more that 171,000 views and thousands likes, reports The Mirror.
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?"
Many fellow TikTok users were left fuming by the post, branding it "pointless" and "condescending". One person replied: "This is literally boomer mentality! Buying a sausage roll is not going to stop you from saving a deposit. Pointless video."
Another wrote: "No one cares with your condescending sh**e leave Greggs out of it."
"A warm breakfast every morning for eight years is worth more than a deposit on a property you'll hardly see," said a third.
Someone else pointed out: "Every penny you've ever spent could have been saved and added to your deposit, but humans buy things. So this doesn't work." While a fifth couldn't help but ask: "Who's spending £5 at Greggs..."
"Chill out, Greggs is my only source of happiness," added a sixth.
However, others were a bit more sympathetic to what the estate agent was saying.
Another user posted: "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 1/2 The housing market is broken and telling people not to buy a coffee isn't going
to change that 2/2."
Megan Griffiths, property media creator for the DM & Co. Homes told the Mirror: "We've done a few videos like that and people love them. It really makes first time buyers realise how much they can save.
"Some users don't really understand the point of the video or have the motivation to save. They don't realise how much these things are and that it will add up over time.
"People are always going to make comments but I don't take notice. House prices are only going up and because TikTok is aimed at a young audience it's good to make them aware of how they can save.
"If you stop spending money on these things you can save and get yourself on the property ladder."
It comes after Channel 4 presenter Kirstie Allsop recently came under fire for suggesting that hopeful homeowners would be able to afford their first property if they cut out things like Netflix, gym memberships and takeaway coffees. She said that she felt "enraged" when she hears people say they cannot afford to buy a house due to the fact they are not disciplined enough to forego their luxuries.
The 50-year-old's comments were branded "woefully privileged" by ex-GMB presenter Piers Morgan, while hundreds on social media weighed in too. Kirstie, who is the daughter of a baron and is said to have bought her first property with family help at the age of 21, told the Times: “When I bought my first property, going abroad, the easyJet, coffee, gym, Netflix lifestyle didn’t exist. I used to walk to work with a sandwich. And on payday, I’d go for a pizza, and to a movie, and buy lipstick. Interest rates were 15 per cent, I was earning £11,500 a year.”
The average house price in the UK was about £51,000 when Kirstie bought her first property. Adjusted for inflation, that is £112,000, compared with £255,556 for the average cost of a home today.
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