New research from Clydesdale and Yorkshire Banks suggests that almost 40% of first time buyers expect to take over three years to save a deposit for their first home.

The Banks’ annual first time buyers research found that the largest percentage (46%) anticipated taking between one and three years, however 10% of those surveyed plan to save for over five years to get onto the property ladder.

Nearly 30% of those who are currently renting a property believe it will take more than four years to save a large enough deposit to buy their own home.

Steve Fletcher, director of retail banking, said: “We understand that saving a deposit can be one of the biggest challenges for first time buyers, particularly for those who already rent a property and have considerable monthly outgoings.

“This is why Clydesdale and Yorkshire Banks have remained committed to offering mortgages specifically for the market with competitive rates which need just a 5% deposit to help make owning a home a reality.”