Soaring rents and the ever-increasing cost of living are pushing potential first-time buyers to desperate measures, with a staggering 40% considering moving back in with their parents to save for a house deposit.

This eye-opening statistic comes from a new study by Skipton Building Society, who surveyed 2,000 renters hoping to buy a home. The research paints a bleak picture for those struggling to step onto the property ladder.

Renters Feel The Pinch

The average renter aiming to buy their first home is only able to save a paltry £187 per month towards a deposit. With private rental prices shooting up by an average of 6.1% in England alone in the year to January 2024 (according to the Office for National Statistics), it’s no wonder many are feeling the squeeze.

The Bank Of Mum & Dad

Moving back in with parents could boost monthly savings to a much healthier £808, the study found. This means renters could potentially save a whopping £12,290 in a year if they live rent-free with family.

But it’s not just about free rent. The research highlights that 22% of those considering a move back home would use the opportunity to glean valuable financial advice from their parents.

A Short-Term Sacrifice?

While over half (52%) of those considering a move back in with family see it as a step backwards, a massive 91% believe it’s a small price to pay for the long-term goal of home ownership. In fact, 22% think they could save up enough for a deposit in just one year by taking the plunge.

Not An Option For Everyone

However, Skipton acknowledges that moving back home isn’t feasible for every aspiring homeowner. Their survey revealed that over 20% simply don’t have that option available to them. Reasons included lack of space at their parents’ home, being too far away from work, and a desire to maintain independence.

The Struggle Is Real

Jennifer Lloyd, head of mortgage products at Skipton Building Society, acknowledges the huge challenges faced by renters: “People trapped renting is one of the biggest housing challenges we face across the country, which is having a massive impact on the fabric of our society,” she says.

With rising rents and living costs making it near impossible for many to save, Skipton is calling for more options to help renters achieve their dream of owning a home.