A UK household saving the UK median of £180 per month would take 10.9 years of consistent saving to equal £23,549, the average amount paid by first-time buyers (FTBs) on a deposit in England from 2021 to 2022, new research by More2life reveals.

FTBs in Wales paid an average deposit of £17,038. At the same rate of £180 saved per month, this group could expect to wait 7.9 years to afford a deposit.

Meanwhile, FTBs in Scotland paid an average deposit of £14,230 to secure a property, meaning it would take 6.6 years to save the correct amount.

Data from the Key Market Monitor reports that the average sum gifted from equity release for use as a deposit in the UK reached £61,596.

FTBs in Scotland (83%) would enjoy the best loan-to-value (LTV) following a family member using equity release to gift them a deposit followed by those in England (84%) and Wales (85%).

More2life director of manufacturing and adviser propositions Les Pick comments: “Trying to save enough for a deposit is daunting at the best of times but with the cost of living eating into people’s disposable income and interest rates squeezing affordability further, FTBs are finding it harder than ever to take that first step onto the ladder.”

“However, with the older generation often sitting on twenty or even thirty years of house price growth, now may be the time to consider whether an early inheritance could make a positive difference to someone’s homeownership ambitions.”