1. Join the sharing economy

We all want to live in our own home, don't we? No shared bathrooms, no kitchen rotas, no missing bottles of wine and no arguments over telephone bills.

But the tide of history is against us. As rents rise faster than inflation year after year, more of us are squishing into shared rental houses to make ends meet.

In London, for example, the number of people living in each household has already risen from two people on average in 1931 to 3.5 today. It's predicted to rise to 4.2 by 2031.

It's not just a problem for the young. Recent research by SpareRoom.com revealed that the number of flat sharers aged between 35 and 44 years old increased by 186% between 2009 and 2014. And the number of sharers aged 45 to 54 went up by 300%.

2. Rent somewhere cheaper in the same area

Most people want to keep it local. But did you know there can be a variable of over 20% for the same size of property in the same post code? The road might be much less fashionable. And perhaps the block of flats was once council-owned. But it's an option.

3. Move back with your parents

Don't worry, you're in good company. Last year the National Union of Students surveyed the class of 2015 and found that six months after leaving university, 47% of them had moved back in with their parents.

4. Improve your credit score

Until your credit score improves, your chances or getting a mortgage are likely to remain slim until you can scrape together a deposit. And let's face it - the easiest way to avoid paying so much rent is to get a mortgage, if you can scrape the deposit together.

One way to do that is to pay your rent through Credit Ladder. Recommended by Martin Lewis of MoneyExpert (moneysavingexpert.com/mortgages/rental-exchange- scheme) Credit Ladder can help you increase your credit score simply by continuing to pay your rent as normal.

There are no additional costs or fees involved but boosting your credit score could help any future application for financial products including mortgages. Click here for more details (creditladder.co.uk/how-it- works)