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I shouldn’t have to live with my dad just to save enough to buy my own home

saving

When I moved out I swore I would never live back with my parents. But until recently I was living back at my dad’s. Life eh?! My story is typical of many of my contemporaries. Of all my mates only one has managed to buy a property, that zenith we all apparently strive to reach.  Most, if not all, have spent at least a year to two post university back at their parents’ place(s).

Don’t break out the violin just yet. We have got decent jobs and relatively happy lives – we even get to go on holiday from time to time. But what we all have in common is the decision around living independently while striving to get enough of a deposit to buy. Or more likely, save a bit, meet someone worth sticking with (a relationship I believe they call it) and then move in to a private rented digs (a decision which would mean any ability to save plummets).

For those who haven’t had the delight of renting privately here is a rough breakdown of my moving costs (excluding utility bills):

  • £156 on credit/background checks
  • £1,250 on the deposit
  • £200 in unspecified letting agent fees
  • £625 upfront rent
  • Plus the cost of shifting stuff to the new place

By moving into our own home we’ve seen our ability to save drop by around 75%. Rainy days will mean more stress than they used to. But if you want some independence and to actually start living like a grown up, i.e. not in your parents’ house, this is sacrifice we have to make.

There is not enough housing to rent or to buy and people like us get squeezed from all sides. Rents take up more of our income than we would like. Home ownership is out of reach. We just try and get by, making the most of what we have.


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Written by Neil Goodrich | Posted on 13th February 2015

Neil Goodrich is Performance Analyst at Orbit Living, a housing policy geek from Worcestershire, keen focus on social justice, inequality and of course housing.

Website: http://www.orbit.org.uk/

  • Michael Turner

    If there was more Council Homes, less would be spent by Goverment on housing benefits, smaller housing lists, and homes would be cheaper. In Norwich, they have build or are building a small number of Council homes, first time for 30 years, if that not shocking, I do not what is?
    Some think that Council Homes are just part of the something for nothing, Hardworking people buy they homes, or go private, but ignore Right to Buy which sell at discount (how many private landlords rent them out now?).