More people are buying a home alone despite sky high house prices: A single mum explains how she did it

More Britons are buying homes on their own than in previous generations, according to new analysis by Barclays bank.It revealed 37 per cent of mortgage completions in June were made by solo buyers, whereas only 15 per cent of buyers pre-1980 reported buying alone.This is despite homes now being much more expensive in relation to salaries.The average home was 3.2 times the average annual salary during the 1970s, according to Lloyds Bank, while Government data shows it is around 7.5 times today.The 'buying solo' trend may seem surprising given the challenges involved with getting on the housing ladder - but Barclays says it reflects changing lifestyles and a desire for financial independence.Charlotte Bolan, 37, from Cardiff is an NHS procurement worker and single parent to a teenage daughter. She is defying the affordability odds and buying her first home alone.Charlotte, who earns £43,000 a year, managed to build her £20,000 deposit through disciplined saving, including giving up a car to use public transport. She also took advantage of a £1,000 per year Government bonus on those savings via a Lifetime Isa, which she opened with the app Moneybox. On the ladder: Charlotte Bolan, 37, an NHS procurement worker and single parent, is defying the affordability odds and buying a home aloneShe is now in the process of buying her first home - but admits that at times she thought it might not be possible. 'I thought my only option would be to settle down and find someone to buy with in order to be able to borrow more,' Charlotte says. 'It seems like everything is designed for two-person households. The property market is insane in Cardiff and prices have been rising.'In the end, Charlotte and her daughter moved out of their rented home and in with Charlotte's parents several years ago. She pays rent, but at a rate of £400 a month which is much cheaper than renting privately. This has enabled her to boost her deposit savings to the amount needed to get on the ladder. 'I feel like I am on a good salary and have had so much support, but it’s astronomical how much prices have gone up,' she says. 'I have no idea how people do it as single parents requiring childcare while also renting.'Living with her parents also enabled her to cut the amount she spent on childcare. 'My mum and dad's help with childcare was so important as I received no help from my daughter’s father after our relationship ended when she was just two.'Charlotte was planning to keep saving with a view to buying next year - but last month she came across a two bedroom house in Cardiff that was within her budget.'It's quite small and needs a lot of work,' says Charlotte, 'but it has good bones and a garden.' Did you buy a home on your own?How did you do it and did you have to make big sacrifices to save a deposit? Let us know: editor@thisismoney.co.uk Charlotte was able to snap it up before it hit the market with her offer of £195,000 being accepted by the seller. She hopes to get the keys by the end of August.Charlotte is in the process of securing a £175,000 mortgage on a 4.89 per cent rate. While it will cost her £1,012 a month, she feels it is a price worth paying for her and her daughter to have the independence they crave.'I've been living with my parents with a teenage daughter. We're just keen for our own space,' she says.Barclays' research found that many solo buyers have similar motivations. Many said they valued the independence of solo homeownership, and wanted more control over their housing situation than renting offered. The trend comes amid a broader desire for long-term stability, with more than half of adults saying homeownership is the greatest source of long-term financial security.Cutting out a car... and saving in a LisaAs well as her living situation, Charlotte credits her frugality and her Lifetime Isa with Moneybox as the main reasons that enabled her to buy this year.'I don't own a car and I just use public transport to get around. I cut down on a lot of things,' she says.'Without the Government bonus that comes with the Lifetime Isa, I would still be saving up to buy. The app helps you see how much you can put in and slightly gamifies everything, which definitely helped.'A Lifetime Isa can prove a useful tool for aspiring homeowners like Charlotte.Once opened, the Government will chip in £1 for every £4 saved, giving a £1,000 bonus on the maximum £4,000 a year that can be put away. Essentially, it is free money.However, the money saved can only be used for a first home, which must cost less than £450,000, or for retirement. Those falling foul of the rules will be subject to a 25 per cent penalty charge on the amount withdrawn.It looks as if the Lisa may soon be replaced, although existing savers will still be able to keep them open and receive the bonus cash. The Treasury has launched a consultation over a new Government-backed savings scheme to help people get on the property ladder.This will replace the Lifetime Isa in 2028, although those who already have Lisas will be able to keep them open. Buyers still feel they're falling behind While Charlotte may be realising her homeownership dream, many aspiring homeowners often feel that same dream is drifting further away.Analysis of ONS data by Moneybox found that a typical buyer earning the national average wage and saving 20 per cent of their net take-home pay in 2021 would need a 4.5-year timeline to save a 10 per cent deposit on a standard £228,000 home.However, by the 4.5-year mark, house price growth would have pushed the cost of that same home £37,250 higher, moving their deposit target out of reach. Free money: Once opened, the Government will chip in £1 for every £4 saved in a Lisa, giving a £1,000 bonus on the maximum £4,000 a year that can be put awayThis would leave them facing a £3,541 shortfall on their deposit and another 9 months of saving just to catch up. This comes despite savers putting away more than ever. Average monthly contributions into Moneybox Lifetime Isas have jumped from £344 in 2023 to £475 today.Nearly three quarters of first-time buyers say their savings journey will now take longer than originally planned, according to a 2,000-strong survey by the money app. Three in 10 prospective buyers say they have settled for a less desirable location than they’d hoped for, and a similar proportion have scaled down expectations on property features that matter to them - such as size, a garden or off-street parking.'We speak to first-time buyers every day,' said Brian Byrnes, director of personal finance at Moneybox. 'Most are dedicated to their ambitions and saving habitually, but the frustration is obvious when it feels like the goalposts are constantly shifting. House price growth is still edging ahead of the average saver.'The most effective way to outpace the market is to ensure every single pound is working as hard as humanly possible from day one. 'Utilising a Lifetime Isa is a fantastic way to do this, giving you a 25 per cent boost on your savings paid monthly, which means up to £1,000 of free money from the Government every year to help shrink that deposit gap.'Best mortgage rates and how to find them Mortgage rates have shot up again due to inflation triggered by the conflict with Iran reversing hopes that the Bank of England would cut rates. This means those remortgaging or buying a home face higher costs.That makes it even more important to search out the best possible rate for you and get good mortgage advice, whether you are a first-time buyer, home owner or buy-to-let landlord.This is Money's partner L&C can help you with its fee-free mortgage service.> Compare mortgage rates> Find the right mortgage for you To help our readers find the best mortgage, This is Money has partnered with the UK's leading fee-free broker L&C.This is Money and L&C's mortgage calculator can let you compare deals to see which ones suit your home's value and level of deposit.You can compare fixed rate lengths, from two-year fixes, to five-year fixes and ten-year fixes.If you’re ready to find your next mortgage, why not use This is Money and L&C’s online Mortgage Finder. It will search 1,000’s of deals from more than 90 different lenders to discover the best deal for you.> Find your best mortgage deal with This is Money and L&C Mortgage service provided by London & Country Mortgages (L&C), which is authorised and regulated by the Financial Conduct Authority (registered number: 143002). The FCA does not regulate most Buy to Let mortgages. Your home or property may be repossessed if you do not keep up repayments on your mortgage.