THE average deposit needed by first-time home buyers has risen to more than £50,000, research reveals.

Experts warn it could exceed £80,000 for UK house-hunters within 10 years.

The study by mortgage adviser L&C Mortgages suggests “frightening” times are ahead for those who want to get on the property ladder.

It also reveals that a quarter of first-time buyers haven’t saved anything towards a deposit and by 2027 they could need 28 per cent of a property’s value as a deposit.

“With this research predicting that the size of deposits required could rise considerably across the country, first time buyers could be forgiven for giving up hope on owning their first home,” said David Hollingworth from L&C.

Deposits are set to rise nationwide, with the required amount going up by 75 per cent in the next 10 years in London, 62 per cent in Brighton and Hove and 59 per cent in Bristol.

The average deposit needed by a first-time buyer in London is set to rise to almost £250,000 by 2027.

Even in Belfast, the city with the lowest percentage increase over the next decade, deposits could rise by 41 per cent by 2027, jumping up from the £29,682 needed today to £41,755 in a decade’s time.

The research also looked at how first-time buyers are planning to raise their mortgage deposit.

On average, first-time buyers expect 44 per cent of their deposit to come from their own cash savings, with Help-to-Buy ISAs and family members like parents expected to help make up the rest.

“Pulling together a deposit continues to represent one of the single biggest challenges and these forecasts will make frightening reading for aspiring first-time buyers,” Mr Hollingworth added.

“As a result the Bank of Mum and Dad will no doubt continue to play an important role for those attempting to get on the ladder.

“Although improvements to supply of the right type of housing will be required, it is clear that from a practical point of view first-time buyers will need to try to make regular savings as early as possible.”