Brits could be turning their old and unused items into cash

Homeowners are being encouraged to check their home and cars for unused items that could earn them some extra cash in time for Christmas.

Personal finance experts from Tiger.co.uk have shared their tips on the top items to resell that could help Britons make up to £1,000 without having to pay tax.*

The run up to Christmas is the perfect opportunity to declutter and sell unused items. Research shows the average UK consumer spends nearly £600 on Christmas.**  With many Brits feeling the pinch in the run up to the expensive festive season, now is the ideal time to resell and save.

Before selling items on marketplaces, it’s important to check the selling fees and delivery charges to make sure all items are priced fairly and sellers aren’t being caught out by unexpected fees.

Researching the average price of similar items is a great way to ensure products are competitively priced. Sellers must be sure to provide detailed descriptions, including the condition and clear photos of the item to build trust with potential buyers, and increase the chances of a sale.

Selling unwanted items through trusted sites is key, and will help ensure safety and payment.

Renting out clothing and tech is another way to bring in extra cash in the run up to Christmas, but the experts emphasise the importance of going through reputable platforms to minimise risks.

Ian Wilson, Managing Director and savings expert at Tiger.co.uk said: “Reselling unwanted and unused items is a great way for families looking to boost their finances in the lead up to Christmas.

“Individuals can earn up to £1000 before incurring any tax liabilities, making reselling an excellent way to earn extra cash.

“Whether it’s decluttering your home or selling unused items from your car, it’s an easy way to make extra money and have a good clear out before the festive season.”

Tiger.co.uk Savings Tips – here are five high demand and resellable categories:

• Hair and Beauty

Electronic hair and beauty devices that are sitting unused around the house could be a great way to make some extra money. With items like straighteners, beard trimmers, and LED vanity mirrors often priced at £100 or more RRP, households could potentially earn a nice sum by selling these unused gadgets.

• Clothing and shoes

Listing unwanted clothing and shoes on resell apps and websites can quickly add up to some extra cash in your pockets. Platforms like Depop, Vinted, and eBay are popular for selling preloved items, whether it’s high street or designer pieces, there’s always a market for quality clothing and footwear. It’s an easy way to declutter and make some extra money on the side.

• Kitchen appliances

Unused kitchen appliances could be a great source of extra money. Items like blenders, coffee machines, or air fryers often sell well on resell apps and websites. With platforms like Facebook Marketplace and Gumtree, it’s easy to list to local people so that you don’t have the delivery charge for larger items.

• Phones

Old phones, whether for scrap or still in good condition, can be a profitable way to make extra cash. Even damaged or outdated models can be sold for parts, while working phones can fetch a decent price on resale platforms or through trade-in schemes.

• Toys

Toys, including gaming consoles, that are lying around unused and have been outgrown, are perfect to sell or donate, especially around Christmas time when people are actively searching for gifts. Not only does this help declutter your space, but it also gives those toys a second life while putting some extra money in your pocket.

Tiger.co.uk helps customers compare and find real savings on all sorts of personal finance and insurance products – from everyday essentials like home and car insurance to mortgages and personal loans.

References:

*https://www.telegraph.co.uk/money/tax/hmrc-ebay-sales-tax-how-to-avoid/

**https://ipa.co.uk/news/2024-christmas-consumer