According to a TSB survey, which collated views from 1,000 first-time buyers who bought a property in the past year, 68% received help from family and 57% from friends to save for their deposit.
Craig Calder, TSB’s director of secured lending, called such figures an “increasing trend”.
The survey also indicates a prioritisation of location, as three-quarters of new property owners opted for fewer bedrooms and less outdoor space to buy in a preferred postcode.
Calder said: “It’s clear that compromise is key to getting on the housing ladder in a preferred location – with most first-time buyers forgoing a dream home but feeling relieved and more financially secure having made the move.
“Many made sacrifices to meet their deposit targets – such as moving in with parents and taking a second job. To secure the best deal for your housing and affordability needs, do speak with a broker, or your bank.”
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Around 80% of first-time buyers surveyed added that they moved back in with their parents to save for a deposit.
FTBs delaying purchases, socialising and taking on second jobs
TSB said that to get on the ladder, almost two-fifths of first-time buyers had delayed major purchases.
A further 37% said they had limited socialising, and the same percentage had taken on a second job.
The report found that on average, first-time buyers saved for almost three years for a deposit.
Those in Wales took the longest to save up, at 3.39 years, while those in the East Midlands took the least amount of time to save up, at 2.56 years.
First-time buyers were paying around £960 per month in rent prior to purchasing their home.
As a result of buying their first home, 45% felt more financially secure and almost two-fifths felt relieved.
FTB mortgage terms fall slightly while age increases
TSB said the first-time buyers surveyed were taking out 31-year mortgage terms on average. This is down from the 32-year terms in 2024. Longer mortgage terms were found in East Anglia, London, the North West, the South East, the South West and Wales.
The average deposit size in the UK is 18.9%, which is in line with 18.6% last year.
The report found that the highest average deposit size was in London at 23% and the lowest was in Wales at 13%.
The survey also found that the average first-time buyer age in the UK is 32, in line with 2024 and 2023 figures of 31.
The oldest average first-time buyer age is in London at 34, while the South East and East Midlands both sat at 33.
At the other end of the spectrum, Yorkshire and the Humber had the youngest average age of 30, while East Anglia, the North West, Scotland and Wales came to 31.
