A 26-year-old journalist has tested the claim that millennials could afford a home if they gave up coffee and avocado toast, only to be told by Martin Lewis that her income alone makes a mortgage virtually impossible. The reporter, who earns between £35,000 and £40,000, pays £765 a month in rent for a shared flat in south London and saves just £100 each month.
She began a month-long spending diary after hearing commentators argue that a deposit would be within reach if younger people cut back on luxuries. However, the average first-time buyer deposit is £32,899 nationally and £106,577 in London, far beyond what she could save by trimming small expenses.
Martin Lewis, the money-saving expert, reviewed her finances and declared: “You won’t get a mortgage, full stop – I don’t care what you spend. It is going to be virtually impossible for you.” He noted that even with a 5% deposit, she would need at least 10% to 20% to truly afford a property, a tough target for a single renter.
Despite the bleak outlook, Lewis urged her to keep saving. “Life changes, so this is a good time to save, whether it’s for a property or not,” he said, pointing out that being single and without dependants makes it a “good financial time” to build a buffer for future needs.
