Flatsharing can be good for raising a deposit

With the news last week from the Council of Mortgage Lenders (CML) that monthly repayments on mortgages for first-time buyers were at their lowest for eight years, many first-time buyers will now be looking to get themselves onto the property ladder.

According to one expert, the best way they can raise a deposit in order to do this is through flatsharing.

Matt Hutchinson, director of SpareRoom, said that saving for a mortgage deposit can be difficult, but people who choose to share with someone else can cut costs and raise their ability to put money aside.

"Living on your own, you are going to need a living room, bathroom and kitchen, but if you share with three other people, then the cost of those spaces are split," he added.

This is good news for those with property to rent in Southampton, as more people may look to enter into flatsharing in the near future to ensure they can at least start to save for a mortgage.