First-time buyers purchasing property alone in England require an average of 113 months to save for a deposit and upfront costs, according to analysis of over 40,000 conveyancing quote forms.
The research by home-moving comparison site Reallymoving examined data from 40,454 conveyancing quote forms submitted between June 2025 and June 2026. The findings reveal that solo buyers need to accumulate £27,315 to secure a property at the average first-time buyer price of £250,000.
This figure comprises a 10% deposit of £25,000, average conveyancing costs of £1,421, a survey costing £462, and removal costs of £432. The calculation assumes buyers can save 10% of their take-home pay monthly, based on ONS Annual Survey of Hours and Earnings 2025 data after deducting 25% for tax, national insurance, and pension contributions.
Regional variations
The data shows substantial regional disparities in saving timelines. First-time buyers in London face the longest wait, requiring 13 years to raise £47,692 for a property purchase. In contrast, buyers in the North East need approximately half that time—six years and seven months—to accumulate £16,763.
On average, buyers in southern England must save three years and four months longer than their northern counterparts. These regional differences reflect the ongoing property price divide between north and south, which continues to shape first-time buyer prospects across the country.
Government incentives
The research found that utilising a Lifetime ISA (LISA) reduces the required saving period by 23 months to approximately seven and a half years. The LISA allows eligible savers aged 18 to 39 to contribute up to £4,000 annually and receive a 25% government bonus.
The government has announced plans to replace the LISA with a new First Time Buyer ISA in 2028, which will remove the upper age limit. Rob Houghton, founder and chief executive of Reallymoving, said the new scheme was “certainly positive” but suggested the proposed £450,000 property price cap should be reviewed to better reflect values in London and the South East.
Changing buyer demographics
The study found that 53% of first-time buyers purchased three-bedroom properties or larger during the past year. Reallymoving attributed this trend to the rising average age of first-time buyers, now 34, and evolving housing requirements.
Houghton stated: “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.”
The findings come as mortgage rates have recently declined, though the substantial deposit requirements remain a significant barrier to property ownership for solo buyers without family financial support.