Home Finance Saving for a deposit – are you prepared to move back home?
Saving for a deposit – are you prepared to move back home?

Saving for a deposit – are you prepared to move back home?

Saving for a deposit – it is, quite possibly, the most important thing you will ever do. If you fail to there is every chance that you might end up stuck in the rent trap, a precarious and thankless way to live that is often styled as a new form of feudalism; save enough to get that vital deposit, receive mortgage approval and, lo and behold, you have a foot on the first rung of the UK’s increasingly hard-to-get-on property ladder.

There are, of course, many ways of saving for a deposit, from working multiple jobs and eating a lentil-based diet for several years, to placing your faith in your ability to successfully climb the career ladder.

But the truth remains that even if you succeed in doing some or all of the above, there is still a realistic chance that you could do with some much-needed extra support to achieve a decent deposit, particularly if you wish to live in London or the south, where, or so it feels like, property prices are higher than almost all other places on planet Earth.

In fact, a recent report by estate agent Hamptons International found that single renters in the capital city need to save for an average of four decades in order to come up with a deposit large enough to help them buy a home.

The four decade figure is calculated from the perspective of a person on the average salary of £25,000 looking to buy a low-end, £430,000 property and requiring a 15 per cent deposit.

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However, for those resilient enough to move in with their parents, it is possible that the four-decade wait could be reduced to just seven-and-half years. That said, there are some pretty big provisos involved: first, your parents have to have room; second, they have to welcome you back; third, they have to be within commuting distance of London; and four, they have to be happy to let you return to the family nest rent-free. For those living outside of London, moving in with the parents could reduce the average time it takes to save for a deposit from 13 to four years.

Tips for living back at home with your parents

There is no use pretending that living back at home with your folks is going to prove unproblematic. The truth is that there will inevitably be problems along the way, including many moments where you feel like tearing your hair out or, worse, running away from home.

As such, we’ve compiled a list of a few helpful tips to bear in mind when living with your parents again, this time as a fully grown adult.

  • Be a grown up – if you don’t want to be treated like a child, don’t behave like one. Take responsibility for your possessions.
  • Have a place of escape – only don’t make it the pub. There’s no point saving on rent if you’re spending on pints. Plus, it doesn’t make you look very grown up.
  • Be helpful – differentiate yourself from the child you used to be by offering to do useful things such as the washing up, mowing the lawn, and more.
  • Be considerate of the space you live in – this means give your parents space, give yourself space, and don’t turn your room into a one-night-stand cabin.
  • Try to see your parents in a positive light – they’re letting you live back at home, so you should be capable of showing similar generosity.
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