The amount of time it takes for first-time buyers to save up for a deposit on a property is increasing sharply, experts have stated.

Recent figures from the Office of National Statistics showed that the average price of a home bought by a first-time buyer grew by 204 per cent between 1995 to 2005, with the size of the deposit required going up accordingly.

It now takes an average of five years for people to save up enough money to put down a deposit on a property in London, the UK property magazine and website Your Mortgage, has revealed, with this figure having risen by eleven months over the past year alone.

"In the light of recent interest rate increases houses are even less affordable for first-time buyers so they are being kicked out of the market altogether," said Paula John, editor of Your Mortgage.

"About 50 per cent of first-time buyers now have some sort of family input to help them get onto the property ladder."

The Council of Mortgage Lenders recently reported that the average mortgage for a first-time buyer now stands at £117,000, equivalent to 3.37 times their annual income.