Moving back in with your parents may be the only way onto the property ladder, research has revealed.
Analysis from Which? Mortgage Advisers has revealed one in five first-time buyers (FTBs), who saved each month for a deposit, returned to their family home or continued living with their parents.
David Blake, principal mortgage adviser at Which? Mortgage Advisers, said this shows the drastic measures people are taking in order to take their first step on the property ladder.
He said: "For many, the prospect of saving a deposit for a first home can be daunting, unrealistic and even downright depressing.
"However, there are various options out there for first-time buyers, from Help to Buy Isas to equity loans, and even shared ownership. Consider speaking to an independent expert who can offer advice tailored specifically for you."
Which? Mortgage Advisers surveyed more than 2,000 people, including 713 first-time buyers, as part of its annual home buyers survey in December 2017.
The study focused on the experiences of those who had purchased a property in the previous two years.
Nearly four out of 10, who were saving each month towards a deposit, said they worked overtime, while one in five went as far as selling their personal belongings to help raise more funds.
The research also showed that six out of 10 first-time buyers set aside money every month to save for a deposit on their first home.
This insight comes as statistics from the Institute for Fiscal Studies highlighted that home ownership among young people has fallen significantly in the past two decades.
In 1995 to 1996, 65 per cent of this group owned a home, but just 27 per cent did in 2015 to 2016.
The data also found that despite the high levels of commitment to saving, first-time buyers continue to rely on money from other sources.
In fact, recent research indicated that the 'Bank of Mum and Dad' was expected to lend approximately £6.5bn in 2017.
Which? Mortgage Advisers found that 31 per cent of first-time buyers used money they had inherited to support their deposit and 29 per cent received a contribution from a friend, family member or someone else to help them buy their first abode.
The analysis found that 46 per cent of first-time buyers had a maximum deposit of 10 per cent, but with property prices continuing to increase throughout the country, even this amount is out of reach for many.
The average property price in the UK is £234,794, which means a 10 per cent is more than £23,000.
Carl Shave, director of Suffolk-based Just Mortgage Brokers ,said: "With the sustained high level of house prices together with the ever increasing cost of living, it comes as no great surprise that 22 per cent of first-time buyers are moving back in with their parents or choosing not to move out in order to save for their deposit.
"The 100 per cent loan-to-value mortgage could be a solution for these would be buyers where affordability is demonstrated but while historic products such as the Northern Rock Together mortgage is for some a contributing factor towards the credit crunch, lenders will continue to tread very carefully when this level of loan-to-value is on the agenda and it will likely be some time, if at all, before the 100 per cent LTV mortgage returns."
