Finding enough money to put down a deposit on a property in the most serious obstacle facing first-time buyers (FTB), new research has suggested.

According to the Building Societies Association, many societies believe that the initial need for cash is the hardest barrier for buyers to overcome, with monthly repayments, stamp duty and official costs – such as legal and valuation fees- also cited as serious issues for first-timers.

Adrian Coles, the director general of the organisation, explained that with the Department Of Communities and Local Government putting the average price of a house at almost £220,000, "it is no surprise… raising a deposit is such a barrier for first-time buyers".

"Even a ten per cent deposit necessitates saving over £20,000, a sum out of reach of many potential buyers who have no existing housing equity," he added.

Mr Coles also noted that many building societies were offering 100 per cent mortgages designed to help people "circumvent the need for a deposit".

However, a recent survey from Notting Hill Home Ownership revealed that many would-be-buyers are still opting to cut back on their spending when it comes to eating out and buying clothes in order to save toward a deposit.