Despite affordability concerns, would-be first-time buyers are making lifestyle changes to save more of their income towards a deposit on a home, a study by Rightmove has found.

Reducing spending on going out (72%), using less gas and electricity at home (55%), spending less on holidays (49%), cutting the amount they spend on a food shop (48%) and cancelling subscription services such as Netflix and Amazon Prime (35%) are the most common ways first-time buyers are cutting back, the survey revealed.

Only 16% of aspiring first-time buyers said all or part of their deposit would be raised by getting a loan or a gift from friends and family.

The study also found that, on average, it is taking a first-time buyer five years to save up their deposit. Meanwhile, the average monthly mortgage payment for a new first-time buyer taking out a two-year fixed mortgage at 90% LTV is now £1,324 – 41% higher than the average monthly rental payment of £940 following mortgage interest rate rises.

Highlighting the difference in monthly payments for those that can afford to save up a bigger deposit, the average monthly mortgage payment for new first-time buyers taking out a 75% LTV mortgage is £1,082, which is 15% higher than the equivalent average monthly rental payment.

The first-time buyer study also looked at what is most important to first-time buyers when purchasing their first home. A three-bedroom semi-detached house is the most popular property type for outside of London. Within the capital, first-time buyers typically have their sights set on a two-bedroom flat.

Though first-time buyers and more experienced buyers value similar features in a home, first-time buyers placed more emphasis on energy costs, a spare room and space to work from home. Experienced buyers prioritised a garden more than first-time buyers, as well as a parking space and garage.

Demand in the first-time buyer sector is down 26% compared with the frenetic market of last year. However, this means first-time buyer demand is still 4% higher than in 2019.

“Despite the many significant challenges facing first-time buyers at the moment, the fact that demand in the sector is still above the last normal market of 2019 shows that there are many motivated first-time buyers right now who are still determined to get onto the ladder,” said Tim Bannister of Rightmove.