Aspiring first-time buyers (FTBs) have to save for a deposit for up to nine years, five years longer than they expect, shows new data from Yorkshire Building Society (YBS).

This figure is extracted from the average amount saved per month by people aged 18 to 34, which is £114, according to a survey of 2,000 adults carried out by the lender .

With an average 5% deposit of ‘at least’ £12,312, this results in a decade of saving and an 18 year wait to bring together a 10% deposit.

And 61% of potential FTBs expect to own their own home within four years.

The lender also found that 63% of people regret spending money impulsively and calculate an average of £164 spent in such a manner per month.

YBS points out that if the money spent on impulse buys were added to the average amount saved, the four-year horizon FTBs expect would be achieved.

Owning a house, the survey also shows, is still the dream for many British people. Over a third – or 34% – see it as ‘the most important life event’ they can save for.

YBS senior mortgage manager Ben Merritt says: “The reality of having to save for nearly a decade is a stark reminder that the upfront costs of purchasing a house still prove too big a barrier to overcome for some.

“After almost a full year of staying at home with less opportunities to spend and more cosy nights in, we are reminding people to consider the financial cost of impulse spending.

“We’re not trying to deny life’s pleasures, we just want to help people save money that would enable them to be able to reach their home owning aspirations sooner.”