First-time buyers are saving for up to a decade for a home deposit with more than two thirds saving for over two years according to research by Which?.
The survey of more than 1,000 first-time buyers revealed that for two thirds (69%) it took more than two years to build their home deposit and almost a quarter (23%) had to save for between five and 10 years.
David Blake, principal mortgage adviser at Which? Mortgage Advisers, said: “Our research reveals the real difficulty that first time buyers have in saving enough money for a deposit.
“Given how hard it can be to get onto the property ladder, ensuring you have the right mortgage could not be more important. Seeking independent mortgage advice early on is vital in order to know what options are open to you.”
These figures come after Which? launched a free interactive tool that allows prospective buyers to see how long it will take to save up enough to buy a dream home.
The research also revealed that almost three in 10 first-time buyers (29%) were supported by contributions from their parents and a further 8% were given financial help by other family members.