FTBs spend over three years saving deposit

The largest percentage (46%) anticipated taking between one and three years, however 10% of those surveyed plan to save for over five years to get onto the property ladder.

The boomerang generation – those who have rented a property and then moved back to live with their parents – hope to see the benefit when it comes to saving a deposit with half planning to save the required funds within two years and all those surveyed aiming to reach their financial goal within four years.

In contrast, almost 30% of those who are currently renting a property believe it will take more than four years to save a large enough deposit to buy their own home.

Steve Fletcher, Director, Retail Banking, said: 

"We understand that saving a deposit can be one of the biggest challenges for first time buyers, particularly for those who already rent a property and have considerable monthly outgoings.

"This is why Clydesdale and Yorkshire Banks have remained committed to offering mortgages specifically for the market with competitive rates which need just a 5% deposit to help make owning a home a reality."