First-time buyers are spending an average of six years saving for a deposit as many choose to wait for homes that better suit their long-term lifestyle ambitions rather than rushing onto the property ladder.

New research from Mortgage Advice Bureau suggests aspiring homeowners are increasingly focused on finding properties that meet future needs around space, energy efficiency and location, even if that means delaying their first purchase.

The study found that 45% of prospective first-time buyers said their biggest motivation was securing more internal or external space for a growing family. A further 43% prioritised energy efficiency and lower running costs, while 38% cited central living and proximity to urban amenities.

More than a third (35%) said they were attracted by the opportunity to add value through a refurbishment project, while 29% prioritised access to desirable school catchments or specific communities.

The research also found an almost even split between the type of property buyers expect to purchase, with 50% anticipating buying a flat and 48% expecting to buy a house.

Among those planning to buy a flat, 22% expect to purchase a new-build property, 18% an existing home and 10% a renovation project. For those targeting a house, 23% expect to buy a new-build property and 23% an existing home, while just 2% are considering a renovation project.

The findings suggest motivations vary considerably depending on property type. More than half (51%) of those planning to buy a house said additional space for a growing family was their primary driver, compared with 39% of those intending to purchase a flat.

In contrast, buyers expecting to purchase a flat placed greater emphasis on location and connectivity, with 35% citing access to specific communities, schools or urban amenities as a key factor, compared with 23% of prospective house buyers.

Rachel Geddes, strategic lender relationship director at Mortgage Advice Bureau, said: “First time buyers are spending longer saving compared to previous generations, so many are being far more deliberate about the type of property they choose and the lifestyle they want their first home to support.

“While saving for a deposit remains one of the biggest challenges, many buyers are unaware of the schemes, mortgage products, and affordability options that may already be available to help them achieve their homeownership goals.

“Speaking to a mortgage broker early – even if you’re only starting to think about buying your first home – can help buyers better understand what they can realistically afford, identify lenders best suited to their circumstances, and potentially get onto the property ladder sooner than they expected.”

Victoria Thompson, head of strategic partnerships at Barclays, said: “We know first time buyers face real barriers, which is why support-based solutions are so important. Designed to help buyers onto the property ladder sooner, springboard mortgages allow buyers to borrow up to 100% of a property’s value by linking their mortgage to a friend or relative’s savings.

“This type of mortgage can be a valuable option for potential homeowners who might otherwise struggle to secure a traditional mortgage due to a lack of sufficient deposit. It also enables family members to help in a significant way without permanently parting with their savings.

“Where suitable, responsible, and with expert advice, it can offer a practical and efficient route to homeownership.”

Aidan Walker, senior national account and first-time buyer lead at Skipton Building Society, added: “As Mortgage Advice Bureau’s research highlights, the journey to homeownership is becoming longer and more complex, making expert mortgage advice more valuable than ever.

“Supporting people onto the housing ladder is central to Skipton Building Society’s purpose, and with renters facing the dual challenge of rising rental costs and saving for a home, track record mortgages are one of several potential solutions that focus on a buyer’s history of rental payments without the need for a traditional deposit.

“However, not everyone is aware of the range of routes available to support different circumstances, or whether they may be suitable for their individual situation.

“Engaging with a broker at the start of the homebuying journey can help identify the most appropriate route to homeownership, ensuring decisions are aligned with their financial position and future plans.”

Mortgage Advice Bureau said the findings indicate many first-time buyers now view their first purchase as a long-term lifestyle decision rather than simply a stepping stone into homeownership.