The average deposit put down by a first-time buyer has soared by more than 50% during the past decade.
The typical person taking their first step on to the property ladder now puts down an average of £45,569 according to professional services platform Stipendium.
The sum represents a 54% jump compared with first-time buyer deposits of 10 years ago, and a 40% increase in the past five years alone.
Not only have house prices risen during the period, but the typical deposit first-time buyers need to have saved in order to secure a mortgage has also increased from 17% of their home's value to 20%
While the combination of soaring house prices and larger deposits makes it harder for first-time buyers to get on to the property ladder, the government has launched a number of schemes during the past 10 years to help people purchase their first home.
WHY IS THIS HAPPENING?
The huge jump in the size of deposits first-time buyers are putting down has largely been driven by increases to house prices.
The research found that while 10 years ago the typical person put down a 17% deposit, the average first-time buyer property cost just £138,973, giving a deposit of £23,684, or £29,684 in today's money after being adjusted for inflation.
But fast-forward 10 years, and the typical first-time buyer property now costs £227, 846.
At the same time, the proportion of a home's value that first-time buyers need to put down in order to qualify for a mortgage has increased from 17% to 20%.
As A result, first-buyers now need to save an average of £45,569 - a massive £21,944 more than 10 years ago.
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