Like half of adults, living with Mum is only way I can save

MORE than half of young adults are still living with their parents as they struggle to get on to the property ladder.

And in London, the number of 18 to 35-year-olds staying with Mum and Dad shoots up to almost three-quarters, according to research from online mortgage broker Trussle.

Half of those living with parents are doing so to save for a deposit, while more than a third say they simply can’t afford to live alone.

Mica McFarlane, 24, is one of those who has had to move back to the family home so she can put money aside for her first house.

Mica, an events coordinator from London, says: “This feels like a step backwards. I’d got my independence at university in Bristol and now I have no choice but to live back with my family.

“Wages just aren’t keeping up with the rising cost of living and property prices.

“It’s almost impossible to live and pay all your bills in London, let alone save anything. I have friends who rent in London but that’s because they have moved away from their home towns and they have no family to move in with. I’ve worked with people who take tinned soup into work for lunch each day as that’s all they can afford.

“As soon as they get paid, every penny goes out on bills. They have no money for any sort of social life, no chance of being able to save and get on to the property ladder. What sort of life is that?”

Mica says she could get her independence by renting but that would be wasting money, throwing cash away paying someone else’s mortgage when she could be investing in her future. She and her boyfriend are currently saving so they can buy something together.

Mica adds: “I’m lucky I pay a small rent and that means I can afford to save. I want to pay towards my keep. You need to pay something as parents have mortgages and bills to pay – you can’t leave them struggling.

“I started saving regularly last year, setting up a Help to Buy ISA to encourage me to put at least £200 a month away and to take advantage of the Government bonus to help boost my funds.

“Home is lovely but I’d like my own. You outgrow it and need your own space. You shouldn’t be forced to live with parents past the age of 23. It’s not fair on parents either. It feels like you are imposing on them – they don’t really have much choice but to help out.

“You need a big deposit and while you are saving property prices keep going up, so you have to save for longer.

“It feels like it could be a good year, or even two, before we actually get our first home.”

Moving back in feels like a step backwards but it is impossible to pay bills and save up for a deposit