Getting on the property ladder isn't easy without the back up of a hefty deposit.
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.
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.
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.
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.
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.
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.
