47% of prospective first time buyers expect it will take a decade or more to save a deposit for their first property, according to Post Office Mortgages.
Would-be buyers living in the South East and South West have most difficulty with raising a deposit, with 65% and 56% respectively anticipating it will take 10 years or more to raise a deposit.
Meanwhile, 47% of Londoners say it will take them much longer to get the funds together.
According to the new research 35 is now the average age a prospective homebuyer expects to buy their first home. Those who bought their first home in the early 1960s were on average just 24 years old.
Those in Scotland don’t expect to get their foot on the ladder until they are at least 40, while all other regions expect to buy their first home in their thirties.
The biggest barrier first time buyers face is finding it hard to raise a deposit unless their circumstances change, such as getting a better paid job or inheriting some money (32%), and not being able to afford the mortgage repayments (18%).
29% would be encouraged to buy a home if they were offered more government assistance and 19% said a re-introduction of no stamp duty for first time buyers would help them get a foot on the property ladder.
Post Office Mortgages said that hitting important milestones in life such as getting married (12%) or starting a family (12%) are also triggers for non-homeowners to buy their first property.
“The average age of a first time buyer has been creeping up over the past 50 years and a perceived 10-year wait to raise a deposit doesn’t help matters,” said John Willcock, head of Post Office Mortgages.
“The sheer size of the deposit is the most daunting thing for would-be first time buyers, but it appears to be worth the wait if it works out cheaper than renting.”
