MOVING back in with parents may be the only way young people can afford to save for a mortgage, studies show.

More than a quarter of a million people bought their first property last year, but 22 per cent had to live with parents to afford to do so.

The research from consumer group Which? Mortgage Advisers also found that home-hunters are prepared to make big sacrifices to secure that all-important first rung on the property ladder.

Some 37 per cent of these savers worked overtime to scrape together the cash for a deposit.

Others got financial help from friends, inheritance or the “Bank of Mum and Dad”.

David Blake, principal mortgage adviser at Which? Mortgage Advisers, said the dream of owning a home is achievable.

He emphasised the importance of such devices as loans and Help to Buy ISAs.

“For many, the prospect of saving a deposit for a first home can be daunting, unrealistic and even downright depressing,” he said.

“However, there are various options out there for first time buyers, from Help to Buy ISAs to equity loans, and even shared ownership.

“Consider speaking to an independent expert who can offer advice tailored specifically for you.”

Overall, 62 per cent of first-time buyers set aside money every month to save for a deposit on their first home, the research found.

Despite the high levels of commitment to saving, first-time buyers continue to rely on money from other sources, with a recent report indicating that the “Bank of Mum and Dad” was expected to lend approximately £6.5 billion in 2017.

Which? Mortgage Advisers found that 31 per cent of first-time buyers used money that they had inherited to support their deposit and 29 per cent received a contribution from a friend, family member or someone else.

Almost half, some 46 per cent, of first time buyers had a maximum deposit of 10 per cent.

but with property prices continuing to rise throughout the country, even this amount is out of reach for many.

The average property price in the UK is £234,794, which means a 10 per cent deposit requires savings of over £23,000.