Solo first-time buyers face saving for almost a decade before they can afford to purchase their first home, highlighting the continuing affordability challenge facing brokers and aspiring homeowners.

Research from reallymoving found that someone buying alone in England needs to save £27,315 to cover a typical 10% deposit and upfront purchase costs.

Based on saving 10% of take-home pay each month, that equates to 113 months – or nine years and five months – before they are ready to buy.

The figure is based on the current average first-time buyer purchase price of £250,000 and includes a £25,000 deposit alongside £1,421 for conveyancing, £462 for a survey and £432 for removals.

AFFORDABILITY BARRIER

The findings come as affordability remains one of the biggest barriers to home ownership, despite a range of government initiatives aimed at supporting first-time buyers. While mortgage affordability has improved in recent months following lower interest rates, building a sufficient deposit continues to present a significant hurdle for many borrowers.

The research suggests buyers who purchase jointly are in a far stronger position. Two buyers each earning the national average salary could halve the saving period to 56 months, while using a Lifetime ISA reduces the saving journey for a solo purchaser by almost two years to around seven-and-a-half years through the Government’s 25% savings bonus.

Regional affordability remains sharply divided. In London, a first-time buyer purchasing alone needs to save £47,692 to cover a deposit and upfront costs, extending the saving period to around 13 years. In contrast, buyers in the North East need to raise £16,763, reducing the timeframe to six years and seven months.

The research also found that today’s first-time buyers are entering the market later in life and purchasing larger homes. More than half (53%) of first-time buyers completing during 2026 bought a property with three bedrooms or more, reflecting changing family needs and a desire to reduce the number of future moves.

Reallymoving believes the Government’s proposed First Time Buyer ISA, due to replace the Lifetime ISA from 2028, could provide further support, although it argues that the current £450,000 property price cap should be reviewed to better reflect prices in London and the South East.

BIG CHALLENGE

Rob Houghton (main picture), founder and chief executive of reallymoving, said: “Raising a deposit and covering the cost of moving is still the biggest challenge facing most first-time buyers who don’t have access to financial support from parents and grandparents.

“With the cost of living and rents so high, putting money aside month after month is increasingly difficult and even first-time buyers who save consistently are looking at almost a decade of saving until they can afford to get on the housing ladder.

“The announcement that a new First Time Buyer ISA will be launching in 2028 with no upper age limit is certainly positive, better reflecting the increasing age of first-time buyers and their desire to purchase larger homes at the outset, but it’s essential that the £450,000 price cap is also reviewed to ensure it better reflects property values in London and the South East.”