New research has found that the average house buying deposit that a first time buyer is £51,821. If house prices continue to rise, the average deposit will go up.

Some areas of the UK have cheaper properties. In Edinburgh the average first time buyer deposit is £37,661 and in Norwich it is £40,890.

There are mortgages available at 95% of the property price, but interest rates are high on these mortgage deals. First time buyers often choose to wait until they have a larger deposit.

First time buyers expect that 44% of the deposit will come from their savings, 21% from Help to Buy and Lifetime ISAs. Many people are relying on parents or an inheritance to contribute to a deposit.

On the positive side, mortgage rates are low, and the government has scrapped stamp duty on the purchase of first houses worth up to £300,000. Help to Buy and Lifetime ISAs can boost deposits. The government is encouraging more new houses to be built, but there is a shortage of affordable housing for first time buyers.

As houses and deposits rise, many people are forced to rent their accommodation for longer periods whilst they save for a deposit. Rents have risen in recent years, which mean that tenants have less money to save each month.

Buy to let landlords generally have no difficulty finding tenants. Buy to let commercial mortgages provide finance to purchase property to supply the high demand for privately rented accommodation for people saving up to buy a home.