Men saving twice as much as women towards a house deposit

However its survey among aspiring homeowners also found that over one in three men (35%) and nearly half of all women (48%) have not managed to save anything at all.

Around 30% of would-be first-time buyers are finding raising a deposit the biggest challenge to homeownership.

Other costs are also a factor, with many first-timers struggling to buy a property with their existing credit rating, or not having any existing family wealth to tap into.

Around 11% said they are unable to afford a home in their preferred area, while 6% struggle to borrow enough money from mortgage lenders for the property they want to buy.

However first-time buyers also believe the hurdles can be lessened. 37% say the Help to Buy scheme should be extended beyond 2023, 35% say rent prices should be capped, and 33% say stamp duty should be cut to all homes under £500,000. In addition, 13% of people want the number of Shared Ownership properties to increase.

Nick Lieb, head of operations at Share to Buy, commented: “With prices on the open market skyrocketing, it is becoming increasingly difficult for first-time buyers to get onto the property ladder. Affordable home ownership schemes, such as Shared Ownership, are providing an alternative route onto the ladder for thousands of buyers up and down the country; often requiring much lower deposits than buying outright.”