How renters can save up to buy their first home

finance
Created 10/28/2024
Updated 10/28/2024

With UK renters spending an average of 30% of their income on housing, saving for a home deposit can seem out of reach. Rising rents, due to factors like a dwindling rental supply and landlords exiting the market, are making matters worse, with average monthly rents now at £1,336. While government housing plans focus on long-term solutions, renters can explore immediate options like family assistance. Financial help from relatives, whether in the form of a deposit gift or family mortgage (where savings act as collateral), can make homeownership more achievable. Additionally, moving in with family temporarily to save can help accelerate deposit-building.

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