Renters can’t save to buy a home. It’s Latch-22

Mortgage would be so much cheaper for us. It’s depressing

Georgie Hunt is desperately trying to save up the deposit for a home with her boyfriend, but she’s really struggling. By the time she pays her rent and bills she has barely anything left to put by.

“I’ve managed to get a bit of money saved – but really not that much, and certainly nowhere near a deposit,” says Georgie, 26, from London.

“I’ve got a Help to Buy ISA and try to put away £200 a month and save a bit more on top. But I do struggle when the bills come in and sometimes I have to dip into my savings. It feels like I take one step forward and two steps back.”

Georgie and her boyfriend both live with friends and each pays a high rent – hers is £750 a month. “I feel like it could be at least four to five years before we are able to get on the property ladder. Pretty depressing knowing we will both be paying out thousands in rent over that time.

“It’s often a choice between going out or spending money on a rail ticket home to see my parents in Dorset.

“I need to work in London to get a decent job, but even with a good job it’s difficult to be able to afford to pay for essentials and have a bit of a social life. Friends who still live locally, rather than in big cities, have already managed to buy properties – and I’m struggling and feeling like I’m not achieving quite as much.

“I find it really frustrating that rent is so high and we can’t afford to get a deposit together, yet a mortgage would be so much cheaper and we would be investing in our future.

“Everyone talks about the work-life balance but it’s actually a moneylife balance for most people my age who live in a city.”