But there are a few handy tips that will help you save a substantial amount of money to put towards buying a place of your own.
From saving money by making your own meals and cutting back on takeaway coffees, to moving back in with your parents or lodging with friends, here are five tips for making cutbacks to be able to afford a deposit.
1. Cut your renting costs
Cut your renting costs by moving in with Mum and Dad (Shutterstock / SpeedKingz)
Move to a cheaper area, or live with your parents while you save.
Perhaps one of your friends needs a lodger, or you can investigate becoming a Property Guardian and rent a cheap space in return for providing security.
2. Become an Airbnb host
Renting out your extra room will earn you some extra cash (Shutterstock / I Wei Huang)
Tell your landlord first, of course, but you could rent out your London room to a visitor from time to time to earn extra cash. renting
3. Turn to the Bank of Mum and Dad
Even if they can’t hand over ready cash Mum and Dad might be willing to guarantee your mortgage (Getty Images)
Even if they can’t hand over ready cash they might be willing to guarantee your mortgage, using their home as security.
This will allow you to reduce your deposit requirements.
4. Make lifestyle changes
Cutting out unnecessary payments means your pounds will soon add up (Shutterstock / Naresuan261)
You can save a surprising amount by cutting back: invest in a travel mug and give up your daily coffee (saving around £700 per year), and go running instead of paying a gym membership (saving another £700).
Check you are on the lowest possible phone and utility tariffs, draw up weekly meal plans so you don’t spend a fortune at the supermarket, and try walking or cycling to work, or part of the way, to cut transport costs.
5. Consider shared ownership
You often only need to put down a fiver per cent deposit on a shared ownership property (Shutterstock / pogonici)
Consider shared ownership, when you buy part of a home from a housing association and rent the rest.
If you buy a 25 per cent share, you often need only put down five per cent deposit, and this is only in relation to your share.
You can a buy a larger share when you are in (sharetobuy.com).