In Northern Ireland, a 5% deposit will equate to £7,391 based on the average house price of £147,836.

Northern England followed, with a 5% deposit equalling £8,784 based on the average house price of £175,676.

In contrast, Greater London remains the most expensive area for FTBs as they need an average of £29,270 to purchase a property, based on the average house price of £585,392.

This is over three times more expensive than what is needed for a deposit in Northern Ireland.

Barclays Mortgages will be one of the first lenders to offer 95% LTV mortgages to first-time buyers under the new Mortgage Guarantee Scheme, announced during the Spring Budget.