Seven out of ten people who intended on buying their first home in the next one to two years have put their plans on hold while they navigate the rising cost of living, reports Nationwide.

This insight comes from a poll of over 2,000 people who wish to buy their first home within the next five years.

The results also shows that the average delay comes to two years, with 19% of those asked saying they will put their plans for more than three years.

The biggest issue first-time buyers (FTBs) face, the lender reports 28% of those polled saying, is saving for a deposit – which 88% say the rising cost of living has affected negatively.

Just under half of this cohort – 48% – say they are saving less towards their deposit now, and perhaps most alarmingly, 38% say they are using some of their deposit already saved to pay for bills.

While 57% of people polled said that high house prices are the biggest problem when considering the area they live in, 69% replied that they would be willing to move to a different part of the UK. In London, 79% of those asked this question replied in this manner.

Nationwide says that the average deposit amount saved by FTBs is currently £14,700, with the average time this has taken to save being three-and-a-half years.

The majority, 75%, of people managed to save this themselves, while 23% received help from family.

Reducing everyday spending is the most popular method of gathering a deposit, with 47% of people doing this, while 43% aren’t going out as much.

And 12% say they have put off either starting a family or adding to it in an effort to scrape together a deposit.

Nationwide senior mortgage manager Paul Archer comments: “Building a deposit remains the single biggest barrier to homeownership today, with many people starting out facing a long uphill battle to save. The rising cost of living has made this even harder.

“With high house prices and the rising cost of living, we need to tackle the FTB challenge on multiple fronts.”