‘While we save, house prices keep going up’

Melissa Molloy, 22, has moved back home after university so she can try and scrape the funds together for a deposit. She’s very grateful to her parents but does feel it’s unfair that young people have to wait so long before they can afford to live independently. Melissa says: “I decided I didn’t want to rent as it’s far too expensive and would be money down the drain. I rented while at university for four years and that cost over £6,000 a year. It took all my savings and the money I earned part-time to keep up with rent and other essential bills. ”I enjoyed my independence at university and would like to be able to afford a place of my own now. We are a close family but you get to an age where you need to make your own way.“Melissa, who works in marketing SAVING HARD Melissa Molloy is living at home while trying to raise a £20k deposit and commutes from Luton to London each day, adds: “My boyfriend and I both live with our parents. We started saving into a Help to Buy ISA in September and both put cash away each month. We are trying to get a £20,000 deposit together. The problem is that while we are saving, house prices keep going up. I do sometimes worry that we’ll never get there. “Around three-quarters of my income goes on regular bills and commuting costs. I don’t have much left for socialising and fun stuff. Luckily, I’m quite good at budgeting and I try not to waste a penny. I think having the goal of the house deposit keeps me on track. “A few of my friends live at home too. We are all in a similar position of just starting work after university and trying to juggle finances. The ones that do rent are always broke.”