INFLATION and the rising cost of living could delay first-time buyers saving for a deposit by more than a decade, new research has revealed.

Figures compiled by online mortgage broker Mojo Mortgages revealed that individuals in Brighton could need up to 28 years to save for a 15 per cent down payment on a property, with inflation causing a 14-year delay for those wanting to get on the property ladder.

With inflation expected to hit ten per cent, the firm analysed the impact of a ten per cent reduction in savings for an individual earning an average salary in Brighton of £30,946 saving 20 per cent of their take-home pay for a 15 per cent deposit on an average property priced at £452,577.

That rate of saving would take buyers almost 14 years to save for a deposit, doubling if their savings were reduced by ten per cent due to the cost of living.

Even for buyers saving for a smaller five per cent deposit, the impact of inflation could add an extra four and a half years of saving.

The report’s findings show that first-time buyers in the UK’s most expensive cities would be hit hardest, with those in London, Oxford and Bath needing an extra 17 years to save for a deposit.

At the other end of the scale, first-time buyers in Birkenhead would require a shorter, but still lengthy, four and a half years to save for a 15 per cent down payment.

Elsewhere in Sussex, first-time buyers in Hastings would need an extra 12.6 years to save, another 11.7 years in Crawley, 11.1 years in Worthing and 10.7 years in Eastbourne.

Richard Hayes, founder and CEO of Mojo Mortgages, said: “Record house price growth and inflation hitting a 40-year high will impact everyone looking to buy a house, but the current economic situation is hitting first-time buyers particularly hard.

“To compound matters, the cost of living is increasing just as people are looking to return to a more normal social life, which makes cutting back on discretionary spending difficult.

“Rising interest rates will also help people with savings, but it will take longer for these savings to be passed on to savers and more people will be forced to dip into their savings to meet rising household bills.

“The good news is that mortgage rates are still relatively low, so there are some great deals available for those who are able to save a deposit.

“Not everyone is fortunate to have financial support from their parents, but if first-time buyers are able to cut back on their spending, set strict budgets and potentially buy a property with friends or partners, the goal of collecting the keys to their first property could be more achievable.”

“Getting a clear understanding of what you can afford is an essential first step and can help to focus first-time buyers on their savings.”