· Saving for a deposit takes 8 times longer compared to the early days of the housing boom

· New buyers have to wait 8 years to get on the property ladder

· Almost a third (30%) of Brits will get help from their family to get on the ladder

Saving for your first home is eight times harder than it was in the good old days of the mid 90's, according to new findings published today by Barclays.

The amount of time it takes Brits to save for their deposit to buy their first home has increased from just one year in 1995 to more than eight years in 2012. This leaves potential first time homeowners with a much higher hurdle to overcome and means many are turning to the bank of mum and dad to ease the burden. However, although saving for a dream first home is difficult, conditions have improved since the financial crisis of 2009 when it took an average of 10 years to save a deposit.

This is no surprise given that the average first timer underestimates the amount of money they'll need for a deposit by £5,000. A typical Brit buying their first home believes a deposit of £25,564 will be sufficient, when in fact the UK average is £31,059*.

Despite two thirds needing help, only a third (30%) of first time buyers across the UK expect to get financial help from their family to the tune of £12,212. What's more, two in five (38%) of these aspiring homeowners view this money as a 'gift' which they will not need to pay back, leaving the bank of mum and dad significantly depleted.

Andy Gray, managing director of mortgages Barclays said: "We know it's tough for people to get on the property ladder, that's why we've been actively listening to home buying dilemmas such as being stuck renting for the long term or moving back to family to save for a deposit. Whilst family want to help many can't afford to give away lump sums. This is why we have introduced the Barclays Family Springboard mortgage giving them the best of both worlds - the family provide a financial boost initially but get their money back, whilst the child gets a foot on the property ladder by putting just a 5 per cent deposit down."

However, the story isn't the same all over Britain - in fact, in some regions the situation is far worse. First time buyers in the capital for example are underestimating the amount of money they will need by more than £20,000 and the length of time it will take to save a deposit by almost three and a half years. The actual deposit required in London is £70,000 while first time buyers believe they need just £47,728 creating a deposit gap of £22,272. It now takes nearly eleven years for a Londoner to save their deposit compared to less than a year in 1995. [See full regional tables in notes to editors for further details]

The Family Springboard mortgage comes in two parts; a mortgage with a 5% deposit and a savings account linked to that mortgage into which cash funds equal to 10% of the purchase price are deposited by the family. After three years, as long as the mortgage payments are kept up to date, the savings are returned with interest.http://www.barclays.co.uk/Mortgages/.

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