Potential first-time buyers are staying at their parents house for longer in order to save for a deposit, according to Trussle.
Potential first-time buyers are staying at their parents home for longer in order to save for a deposit, according to Trussle.
The average length of stay to save for a 20% deposit is nine and a half years but varies region-to-region, the data shows.
Buyers from Nottingham take up to 12 years in order to save for a deposit, based on the average property price and earnings.
In contrast, those in Edinburgh take the shortest amount of time, at seven years.
The research shows that 14% of first-time buyers are already living with their parents in order to save for a deposit.
Furthermore, 40% of respondents detailed that they need family support to purchase their first home.
The data also outlined that 69% of respondents said they felt priced out of the market, and 76% noted that they felt worried, confused, or angry by the mortgage market.
Looking to the average age of a first-time buyer, this number has risen by six years since 2007, to 34 years old.
The research is based off of 2,000 UK first-time buyers.
Miles Robinson, head of mortgages at Trussle, said: “First time buyers are bearing the brunt of rising house prices and economic uncertainty.
“In recent years, many of these buyers have needed a ‘leg up’ onto the property ladder.
“If increasing property prices and tightening household finances mean the Bank of Mum and Dad can no longer bridge the gap, then this could have big ramifications for the property market.
“The property market is essentially an ecosystem and so it’s crucial to have first-time buyer activity if the market is to stay healthy.
“We must ensure the market is accessible to first time buyers, and lenders can play their part by reintroducing higher LTV mortgages.
“This would not only help first time buyers to embark on their home ownership journeys, but also make sure the market is in a position to confront the challenging economic climate ahead of us.”
