First-time buyers are a rarity in this property market, but the ones that do remain estimate they need to have saved £19,100 in order to buy a property, according to research carried out today by The Co-operative Bank. Despite the nose-diving housing market, the research conducted among 1,500 first-time buyers shows that over half of those questioned (54%) still feel renting is 'throwing money down the drain'. This majority estimate that it will take them up to two years to begin thinking about buying their first home.

But, in the meantime, first-timers are making sacrifices - something they were not doing last year. According to the bank's research conducted before the credit crunch broke in 2007, over half of first-time buyers (57%) were not prepared to make any sacrifices to get onto the property ladder, compared to just 9% today.  The number of people who are prepared to forego their foreign holiday (50%) and eating out (53%) has also doubled since last year.

But only a quarter of first-time buyers believe that the onus should be completely on them to reach the first rung of the ladder, with the majority (53%) feeling the Government should take more responsibility. Only a fifth of buyers think the private sector should do more (19%). But fewr than one in 20 feel that it should be up to families to step in and provide the support needed.

Bank spokesperson Victoria Drummond said:  "This new research shows that the dream of owning a home is now out of reach for many first-time buyers, as they struggle to save for a deposit, against a backdrop of soaring household bills and the increased cost of living.

"As a result many more people are being entrepreneurial and making sacrifices in a bid to try and claw their way onto the property ladder, including cutting down on eating out, holidaying in the UK rather than abroad and swapping supermarkets to drive down their food bills.

"It is vital that the Government and the housing industry continue to offer simple, clear and innovative products that provide first-time buyers with the essential financial support needed to help them take their first steps onto the property ladder."

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