(image credit: Hackney Council)
As inflation and rising mortgage and rental costs hit households hard, borrowing (and lending) things is an easy way to save (and make) money.
With services such as Dalston’s Library of Things enabling you to borrow everything from a sewing machine to power tools, and car-sharing apps like Getaround, Hiyacar and Turo making borrowing easier than ever, residents can save money and storage space and reduce their environmental impact.
Vicky Bibiris, a Partner at Location Location estate agency, said: “Increasingly in this credit crisis residents are finding they need to cut costs and lending items out and choosing to borrow instead of buy is now very straightforward.
“We’re hearing from residents who make hundreds of pounds each month renting their car out – others loan out equipment such as camping gear or cameras. Attitudes towards belongings are shifting and people are beginning to realise their assets can help make them an income. On the flip side, it’s no longer necessary to spend thousands of pounds on a car or hundreds on equipment when we can borrow things for a tiny amount.
“Not only are residents saving money but, by reducing consumption, they’re reducing their impact on the environment too. As a business, we frequently borrow items rather than buy new.”
Among the apps making borrowing and lending things easier are Fat Llama and Mooch and the Olio app encourages residents to declutter and pass on things to people in their community for free.
Apps like Depop and Vinted allow people to buy and sell pre-loved clothes, accessories and homewares and, Stoke Newington have some brilliant stores for pre-loved clothes (check out One Scoop Store just off the High St).
Some local restaurants and stores work with the Too Good to Go app – selling surprise bags of leftover food to locals at a fraction of the price. It stops food from going to waste and is a great way of eating more cheaply. Among those using the app are the greengrocers on Church St, IRO Sushi, Luminary Bakery, 215 Hackney and Hackney Gelato.
David Greenfield, Vice-President of the Circular Economy described the Library of Things as a good example of something reducing consumption. He told the Financial Times: “We don’t need 200 drills across 200 households.
“There are platforms that offer opportunities to get things for free, and in a financial crisis they should be your first port of call.”
The Library of Things, which operates out of Dalston’s CLR Library, offers the chance to borrow a power drill for as little as £5 per day, sewing machines for £5, a steam cleaner for £10 and a pressure washer for £15 per day. A 25% discount is also available for those receiving a pension or government support or people who are not at work, have children to feed or others to care for.
Here in Stoke Newington, you can rent a BMW via the Getaround app for as little as £18 per hour or a Peugeot 108 via Hiyacar for just £6 per hour.
