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Many first-time buyers are saving up for a deposit so they can secure a mortgage, a property expert has claimed.

The tight market over the past few years has made people realise that they need some cash to put down on a home, noted Andy Pratt, chief operating officer at Alexander Hall.

"They have been actively doing that – tightening their belts and saving a little bit more, or seeking assistance from mum and dad in some instances as well, but primarily trying to save it up themselves," he continued.

Mr Pratt also acknowledged that many potential buyers are paying off any debts they have before attempting to get a mortgage, or possibly even renting while they are saving up.

Safe Home Income Plans recently reported that first-time buyers now have to pay seven times the price their parents did to get on the housing ladder.