With the average UK house price standing at £246,244, prospective buyers need to save a 5% deposit of at least £12,312, on average.
First-time buyers (FTBs) could wait nine years to buy their first home, five years longer than they expect, according to research by Yorkshire Building Society (YBS).
With three in five (61%) FTBs expecting to own their own home within four years of starting to save for a deposit, and the average UK house price standing at £246,244, prospective buyers need to save a 5% deposit of at least £12,312, on average.
This timeline increases to 18 years if they are aiming for a 10% deposit.
However, homeownership remains a top aspiration, with more than a third (34%) of UK adults aged 18 to 34 having said owning their own home is the most important key life event.
Almost two-thirds (63%) of those surveyed said they regret spending on impulse purchases and wish they had saved the money instead, with an average of £164 spent on a whim each month.
If that extra £164 a month was combined with the average monthly savings by those aged 18 to 34 of £114, they could save for a 5% deposit within their expected four-year timescale.
Ben Merritt, senior mortgage manager at Yorkshire Building Society, said: “As our research shows, buying a first home quite clearly remains a life ambition for many people but achieving that remains a struggle, particularly for first-time buyers.
"The reality of having to save for nearly a decade is a stark reminder that the upfront costs of purchasing a house still prove too big a barrier to overcome for some.
“As a mutual organisation, we are owned by our members and not shareholders.
"For us, our aim is helping real life happen for our members, it’s about helping them to achieve their personal goals and key life moments such as buying their first homes.
“After almost a full year of staying at home with less opportunities to spend and more cosy nights in, we are reminding people to consider the financial cost of impulse spending.
"We’re not trying to deny life’s pleasures, we just want to help people save money that would enable them to be able to reach their home owning aspirations sooner.”
