Research by More2life has found that it takes over a decade for the average first-time buyer to save for a deposit in England.

According to the equity release lender’s analysis, a UK household saving the UK median of £180 per month would take 10.9 years of consistent saving – without drawing on these savings once – to equal £23,549, the average amount paid by first-time buyers on a deposit in England from 2021 to 2022.

First-time buyers in Wales, meanwhile, 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. In Scotland, first-time buyers paid an average deposit of £14,230 to secure a property, meaning it would take 6.6 years to save the correct amount.

According to the study, the average sum gifted from equity release for use as a deposit in the UK is £61,596 – far above the average first-time buyer’s deposit. First-time buyers in Scotland (83%) would enjoy the best loan to value following a family member using equity release to gift them a deposit, followed by those in England (84%) and Wales (85%).

Les Pick, director of manufacturing and adviser propositions at More2life, commented: “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, first-time buyers are finding it harder than ever to take that first step onto the ladder.

“However, with the older generation often sitting on 20 or even 30 years of house price growth, now may be the time to consider whether an early inheritance could make a positive difference to someone’s home ownership ambitions.

“Shaving 11 years off the amount of time it takes someone to buy their first property and positioning them to get a better mortgage deal can make a real difference to their future finances,” Pick added.