I bought my first home with a £5k deposit – I never thought it was possible

GETTING a foot on the property ladder is far from easy, especially when you are buying alone.

- BY PHOEBE JOBLING

With many young people forced to rent, it becomes even more difficult to save for a deposit.

A new survey by West Brom Building Society found that among more than 2,000 private renters across the UK, more than half say that high house prices are their biggest barrier to owning a home.

Two-fifths said the rising cost of living is making it hard to save for a deposit, while a quarter said high mortgage rates are another discouraging factor.

First-time buyer Rachelle O'Brien, 35, was still living with her parents and had largely given up hope of owning her own home before she entered the market.

She worked as a contractor, managing installation projects for a telecoms and broadband provider, and feared that her employment status would scupper her chances of getting approved for a mortgage.

Although she has worked hard to get some savings behind her, Rachelle was reluctant to tie all of that up in a property, as she wanted to ensure she could cover herself for any dry periods where work became more scarce.

Rachelle thought she would have to continue living at her parents' home for another four or five years to amass a big enough deposit to afford a house until she came across a new mortgage deal.