First-time buyers estimate they will purchase property in two years

The majority of first-time buyers expect to purchase a property in the next two years, new research has claimed.

A survey of 1,500 first-time buyers conducted by the Co-operative Bank and Places for People indicated that most respondents currently perceive the need to save on average £19,100 in order to enable them to purchase a property.

And first-time buyers are willing to make a few sacrifices when it comes to choosing their first home, the poll revealed, with extra bathrooms and a garage the two features this demographic will be happiest to compromise on.

Victoria Drummond, operations manager for Places for People's Ownhome arm, commented: "It is vital that the government and the housing industry continue to offer simple, clear and innovative products that provide first-time buyers with the essential financial support needed to help them take their first steps onto the property ladder."

Moreover, research by moneysupermarket.com has revealed that first-time buyers are increasingly utilising parental support to assist them to make a property purchase.

The survey indicated that half of first-time buyers had a parent's name on their mortgage application in order to help share the financial burden.