Getting onto the property ladder remains a real challenge for many first-time buyers, and recent figures highlight just how much commitment is involved before a purchase can even begin.

New analysis from Nationwide Building Society suggests that first-time buyers typically spend around six years saving to build up a 10% deposit for their first home. For those aiming for a 90% loan-to-value mortgage, that often means finding roughly £23,000 upfront.

Based on saving around 10% of average monthly take-home pay (approximately £320 per month), it’s easy to see why progress can feel slow – even for disciplined savers.

 

Location Makes a Big Difference

As you’d expect, where you’re buying has a huge impact on how long saving takes:

London: A typical 10% deposit is close to £44,800, which could take around nine years to save.

East of England (including Essex): First-time buyers are typically looking at a £21,200 deposit, putting saving times at around five to six years, depending on income.

North East: Average deposits are lower at about £13,100, with savings times closer to four years.

These regional differences reflect local house prices and explain why many buyers feel priced out of certain areas.

 

Help from Family Is Still Common

According to Nationwide, many buyers are still relying on support to bridge the gap. In fact, more than a third of first-time buyers in 2024/25 received help with their deposit, whether through a gift, loan, or inheritance from family or friends.

 

Our Advice as Surveyors

At Ashton Lee, we regularly work with first-time buyers across Essex and the wider East of England, many of whom are stretching themselves financially just to get started. That makes proper due diligence even more important.

When budgets are tight, unexpected repair costs after purchase can come as a nasty shock. Before committing, make sure you:

Budget for surveys, legal fees and moving costs

Understand the true condition of the property you’re buying

Get independent advice so there are no costly surprises later

If you’re saving hard for a deposit and planning your first purchase in Essex, we’re always happy to offer clear, practical guidance.