Around seven out of 10 prospective first-time buyers’ attempts to purchase a property have been impacted by the rising cost of living.

A survey by the Aldemore Bank shows that 32 per cent of prospective FTBs have put their property purchases on hold, anticipating delays of 20 months on average.

And with an average deposit costing £43,500, a worrying number of FTBs are using low-interest savings accounts and vehicles, despite the high level of inflation. 

First-time buyers in London and the South East expect to save the most at £52,777 and £54,570 respectively, with Yorkshire buyers expected to save nearly half of that (£27,379) on average.

While half of prospective first-time buyers are utilising savings accounts to save for a deposit that typically offer higher rates of interest, some 44 per cent are using current accounts. Additionally, eight per cent say they are relying on cryptocurrency to generate deposit funds, despite its considerable volatility.

Jon Cooper, head of mortgage distribution at Aldermore says: “While saving in this current economic climate may feel like a long and arduous journey, we’ve found that the majority of determined first-time buyers think the difficulties are ultimately worth it in order to get on the property ladder.

“It’s important that prospective buyers are aware of the support available to them. Would-be buyers should consider seeking advice from a broker who can lend a helping hand and guide you through the process of becoming a homeowner.”

Via @LandlordToday