That's according to a new report by the price comparison site Reallymoving, which analysed how much buyers need to cover a mortgage deposit and the additional costs of moving.
Read on to find out how much house deposits vary across Great Britain, and for advice on what's happening in the property market.
The up-front costs of buying a home
Based on an average first-time buyer purchase price of £234,000, Reallymoving estimates buyers will need to put aside the following:
10% deposit: Conveyancing:House survey: Removals:The comparison site found that a single first-time buyer needs just under six-and-a-half years (76 months) to save this amount, based on them putting 10% of their salary away each month.
This figure halves if a couple purchases a property, assuming both partners earn an average salary.
Find out more:The cost of buying a property in your region
Reallymoving analysed average salaries and house prices across Great Britain and uncovered major differences in how long it takes to save.
Unsurprisingly, London was the most difficult place to buy a home, with first-time buyers on an average salary needing to save for more than eight-and-a-half years (104 months) before they can buy.
This is nearly double the time required in Scotland and the North East of England, as shown in the table.
undefinedFirst-time buyers are buying bigger properties
Reallymoving found that high house prices have resulted in people waiting longer to buy their first home. It says the average age of a first-time buyer is now 33.
This has had an impact on the type of properties being purchased. Around half of first-time buyers in 2023 bought a three-bedroom property or bigger, as shown in the chart below.
This reflects how buyers in their thirties are looking to buy bigger homes as they start families, or are saving for longer to skip the traditional first rung on the property ladder.
A lifetime Isa could help you buy sooner
Reallymoving also found that savers can get on the ladder more quickly by taking out a lifetime Isa.
These savings accounts allow people to save up to £4,000 a year and receive a 25% bonus when they come to buy their first home.
To qualify, you'll need to be aged 18-39 at the time of opening an account. Interest rates of up to 4.4% are currently available.
Reallymoving says lifetime Isas can reduce the saving time required by a single first-time buyer by 16 months.
Find out more:Could low-deposit mortgages help?
Reallymoving's report is based on saving enough for a 10% deposit, but it can be possible to get a mortgage with less cash.
There are a couple of caveats. First, these deals tend to be more expensive. Right now, the cheapest 95% two-year fix is priced at 5.35%, compared to 5.09% for a 90% deal.
This means you'll pay more in interest, and that it'll take you longer to grow the stake of the property you own outright.
Find out more:When will mortgage rates fall?
Alongside saving a house deposit, high mortgage rates pose a significant challenge for would-be first-time buyers.
Although rates have fallen since peaking last August, they're still well in excess of where they were a couple of years ago.
Find out more:
What's happening to house prices?
High mortgage rates have resulted in fewer people buying homes, and therefore a much slower property market.
Back in November, the property portal Zoopla found sellers were having to knock an average of £18,000 off their initial asking prices to sell their home.
It says that it is now seeing fewer reductions, but that prices remain sensitive and buyers in the South East and East of England are seeing the most reductions of 5% or more.
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