TV property presenter Amanda Lamb and broadcaster Rick Edwards will host a competition on April 27 at Clydesdale and Yorkshire Banks’ new flagship store on Kensington High Street.
The winner will be offered the chance to live rent-free in London for a year.
A spokesman said: “Members of the public who turn up on the day will be tested on their cooking, gardening and DIY skills to bag the flat.”
Studio B is also pledging to match fund money the winner manages to save during the year to put towards a deposit on their own home
It is staging the competition to draw attention to one of the greatest financial challenges facing young people in Britain.
A YouGov survey for Studio B found that almost a quarter of renters aged 18-40 never expect to be able to afford a deposit on a home.
The study also found that almost one in three Londoners aged 18-40 do not save any money in an average month.
The spokesman added: “Studio B’s mission is to find solutions to the big financial challenges people face.
“The competition to celebrate its launch will give one lucky winner the chance to live rent free for a year in the stunning penthouse apartment just five minutes’ walk from the store.
“At its heart, is an innovation lab, where people from all walks of life will be invited to work with industry partners to create solutions to their money matters. The products and solutions they produce in areas such as voice and facial recognition technology will be tested in-store on bank customers.”
Helen Page, the Studio B group innovation and marketing director, said: “Our research lays bare the huge challenge people starting out on their own face, and this competition will give a lucky winner a huge helping hand, putting them on track to own their own home.”