Desperate first time buyers are turning to second jobs and loans to secure their first step on the property ladder.
Conditions in the mortgage market remain tough for aspiring buyers as providers remain wary of taking risks, although a small number of mortgages have been made available to those with just a 5% deposit in recent months.
First time buyers have not been put off the idea of buying, however, and some are taking drastic steps to enable them to afford their first home.
Amongst the ways prospective buyers are looking to boost their income is by taking a second job, according to research by Santander, with more than a quarter (28%) working longer hours to increase their spending power.
In a more drastic move, a similar number (27%) are looking to stretch their deposit by taking out a personal loan.
"Saving for a deposit is no easy task, especially in today's financial climate, with many customers, particularly in recent years, having to put down larger deposits to secure their mortgage," said Phil Cliff, director of Santander Mortgages.
The increasing amount of time it takes first time buyers to cobble together a deposit appears to be behind the efforts to boost savings.
Almost a quarter (23%) of first time buyers trying to get on the housing ladder in the UK expect to spend at least five years saving up for a deposit on a home.
Just one in ten first time buyers think they'll spend just a single year saving for a deposit, down from a fifth of people three years ago.
If you are saving up for a deposit, you'll want to maximise the returns on your money as much as possible.
The Moneyfacts.co.uk Best Buy tables are a great place to begin your savings search.
If you're in the enviable position to start looking for your first home, our mortgage Best Buy tables could also help you find the deal of your dreams.
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.