First-time buyers are finding it difficult to get on to the property market as the average person thinks they need £19,100 saved to buy a home, research has revealed.
A survey by The Co-operative Bank and Places for People shows that of 1,500 people asked, most said it would take them around two years before they thought about buying a property.
Before the credit crunch hit the UK, 54 per cent of first time buyers said they would not make sacrifices to get onto the property ladder. Now less than one in ten have this attitude.
Operations manager for Ownhome Victoria Drummond said the research "shows that the dream of owning a home is now out of reach for many first-time buyers, as they struggle to save for a deposit, against a backdrop of soaring household bills and the increased cost of living".
This news comes after The Council of Mortgage Lenders revealed that the number of home loans given to first-time buyers is at an all-time low.
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