Reallymoving explains to buy a property at the current average FTB purchase price of £250,000, a 10% deposit of £25,000 needs to be saved in addition to £1,421 for conveyancing, £462 for a survey and £432 for removals, bringing the total to £27,315.

Putting aside 10% of their take-home pay each month, the data shows it would take 113 months to save enough to cover all their upfront costs.

In the past year, over half (53%) of FTBs bought a three-bedroom property or larger, which indicates that as the average age at which people buy their first home has risen to 34, their needs have changed to factor in growing families.

Reallymoving suggests that the high cost of moving is likely to be an additional factor encouraging buyers to jump the traditional first rung of the housing ladder and go straight to a larger property to reduce their number of overall moves.

However, those that can buy with another person will see their time to save halved to four years eight months, based on them both earning the national average wage.

The government recently announced plans to replace the Lifetime ISA (LISA) with a new FTB ISA in 2028 with no upper age limit. Until 2028, anyone between the age of 18 and 39 can continue to open and save into a Lifetime ISA.

The data also shows the North/South divide in property prices and earnings means that FTBs in London face saving for 13 years in order to raise the £47,692 needed to get on the housing ladder.

In comparison, those in the North East need to save for approximately half the time of six years and seven months to raise £16,763.

On average, FTBs in the South of England need to save for three years four months longer to get on the housing ladder than those in the North of England.

Reallymoving founder and chief executive Rob Houghton says: “Raising a deposit and covering the cost of moving is still the biggest challenge facing most First Time Buyers who don’t have access to financial support from parents and grandparents.”

“With the cost of living and rents so high, putting money aside month after month is increasingly difficult and even First Time Buyers who save consistently are looking at almost a decade of saving until they can afford to get on the housing ladder.”

“The announcement that a new First Time Buyer ISA will be launching in 2028 with no upper age limit is certainly positive, better reflecting the increasing age of First Time Buyers and their desire to purchase larger homes at the outset, but it’s essential that the £450,000 price cap is also reviewed to ensure it better reflects property values in London and the South East.”