I couldn’t afford a house, so I bought a small house for less than a lump sum

A WOMAN who couldn’t afford to buy a house has revealed she bought a small house for less than the cost of a flat deposit in London.

Sav, spent £40,000 on her tiny home and said she has no regrets.

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Her caravan is 10 meters long and has a large open downstairs area.

In the downstairs area there are two large armchairs and a spacious kitchen with an oven, washing machine and sink.

It also has a mezzanine floor with a large double bed.

Sav also has a large dog and there is room for both in the cozy house.

However, there is one disadvantage: if you cannot use the land of friends or family, you will have to buy a plot to keep the small house.

Savs (@beachbumsav) video has likely left many people open-mouthed, as the video has amassed 630,000 followers on the video sharing platform.

TikTok users rushed to the comments section of the video to share their thoughts on her tiny home.

One person said: “It’s so fun and beautiful! You did a fantastic job.”

A second person said: “That looks so cozy.”

A third person said: “A small house seems so nice, I would love it.”

Living in a barn conversion is a great way to save money on a house, whilst still remaining independent.

As the cost of living crisis continues to weigh, more and more adults are struggling to get onto the property ladder and are opting to stay in their family home for longer.

The 2021 census showed that more than half of people aged 23 and under still live with their parents.

The average price of a house in Britain was £285,000 in March 2023, rising to a whopping £735,254, which is completely unaffordable for many.

Frequently asked questions about Tiny Homes

The Tiny House movement started in the US before gaining popularity in Britain.

What is a tiny house?

Tiny houses are small, fully equipped living spaces designed to help you live a more sustainable, off-grid lifestyle. Although they vary in size and shape, small homes typically have a capacity between 150 and 500 square feet, are made of durable materials, and are easier (and cheaper) to maintain than traditional brick homes.

Are tiny houses legal in Britain?

As long as the small house does not exceed 19.8 x 6.7 meters, it is defined as a caravan in UK law. That is why tiny houses are classified as legal additional living space.

Can you get a mortgage for a tiny house?

The small size and relatively low cost of small homes means that they generally do not qualify for a mortgage. However, there are plenty of options for taking out a loan to finance your dreams of the perfect, portable home.

Furthermore, research from the Resolution Foundation shows that the average down payment for a first-time buyer has tripled from 5 percent of the property price in 1989 to 15 percent in 2019.

This means buyers will have to save for much longer and use a greater percentage of their income to get onto the property ladder.

Recent research from property site Zoopla found that 42 per cent of adults under 40 who don’t yet own a home have given up due to the astronomical costs of buying a home.

This included 38 percent of people earning more than £60,000 (almost double the average salary for the UK).