The average time expected to save for a sufficient deposit is 3.3 years but some 1.9 million first time buyers, 23%, think they'll have to save for five years to raise enough money for the down payment on a property.
The research from Santander Mortgages also shows that one in four first time buyers have taken a second job to boost savings.
Over half of first time buyers, 54%, say they'll be using savings as their deposit for their first home with the average time expected to save around 40 months. Around one in 10, 11%, think they could save fast enough to accumulate their deposit in one year, down from a fifth, 19%, three years ago.
Santander says it is not surprising that first time buyers are looking for opportunities to increase their income. With 28% are now taking on second jobs or overtime and another 27% hoping to boost their deposit by taking out a loan.
‘Saving for a deposit is no easy task, especially in today's financial climate, with many customers, especially in recent years, having to put down larger deposits to secure their mortgage,’ said Phil Cliff, director of Santander Mortgages.
‘Having a clear savings plan can help, and putting money into high interest saving accounts can help people reach their target sooner than they might have expected,’ he added.