Yahoo Finance 'We're moving from a £1,000-a-month flat to a £350 flatshare so we can save to buy a house'
Young people's determination to get on the housing ladder is prompting them to take risky steps such as moving away from family and support networks or into areas with high crime rates.
On average new homeowners find themselves 37 miles away from their family and friends, research has found, while more than a quarter end up further from their work, increasing their commuting time by up to six hours a week.
Four in 10 move to areas with fewer good schools and one in seven new homeowners told researchers from money.co.uk that they were pushed into areas they believed were higher in crime because homes in safer areas were out of their budget.
One couple, Simon Marshall and Claudia James, are taking even more extreme measures to enable them to buy a home together in a year or so. The houses in Cirencester, Gloucestershire, that they are considering cost about £200,000.
The couple, who have been together for two years, are applying to volunteer at a retirement home at weekends to stop themselves going out and spending money.
To cut petrol costs, Mr Marshall, 44, is walking everywhere within a three-mile radius. In June the couple will move from the flat they rent for £1,000 a month to a room in a flatshare for which they will pay £350.
They will buy food at low-cost supermarkets such as Aldi, using money-off vouchers and coupons, and Mr Marshall said they did not plan to take any holidays.
The couple said they wouldn't be isolating themselves from their friends but would try to keep their activities free. For example, Mr Marshall, a data analyst, is keen on martial arts and receives free lessons in exchange for helping the organiser.
He said: "Our friends think the whole thing is a bit nuts but are very supportive. But it's different for them - they're already on the property ladder."
We've decided if we don't need it, we won't have it
Mr Marshall said he and Ms James, 29, who are both basic-rate taxpayers, already lived fairly frugally. But by taking more extreme measures he calculated that they could save between £18,000 and £35,000 in the next year. They already have £5,000 saved in an Isa.
"It's amazing how much money you end up wasting on the little things", he said. "But we've decided that if we don't need it, we won't have it."
Mr Marshall said they would maintain their economical lifestyle once they had bought their home to ensure that they could keep up with the mortgage repayments.
"We're not relying on anyone to help us so these are the sacrifices we have to make," he said.
But Mr Marshall said he wasn't worried about house prices dropping. He said that even if they did dip, buying property wan't just about making an investment but about having a home.
Dimitrios Tsivrikos, a consumer psychologist at University College London, said the British public were so anxious about buying a home because it it represented a "beacon of maturity".
"It's not just the value of a property that's significant. It's a sign that we've put down foundations, marked our territory and are ready to start our lives as an adult. It's a huge commitment and one that says 'take me seriously'."
