According to figures from credit score firm Experian, the average house deposit needed by a first-time buyer has increased by 12 per cent during 2018.
First-time buyers now need on average £30,989 to get onto the property ladder.
The Office for National Statistics (ONS) found that house prices across Britain rose just 2.5 per cent over the same period.
It is believed that this could be due to many first time buyers struggling to access some of the most common five per cent deposit deals on the market or buying into areas where house prices are growing quicker than the average.
Previous Experian research found 22 per cent of those looking to purchase their first home said finding a deposit was the largest obstacle to owning a home.
75 per cent of first-time buyers were believed to want fixed-rate mortgages, with only 14 per cent looking for the main alternative – tracker loans.
Many first time buyers who struggle to raise a deposit themselves turn to the bank of mum and dad, with buyers receiving on average £7,637 from their families towards a deposit
The other alternative is by using a guarantor mortgage, where someone agrees to act as a mortgage guarantor for you, they commit to covering the repayments if you fail to keep up.
Amir Goshtai, from Experian, said: “It’s understandable that gathering enough money for a deposit can seem overwhelming for first-time buyers when you see how much they have to save, while many are reliant on some sort of support from their family to help boost their coffers.”