House prices for properties bought by first-time buyers jumped above £200,000 last year, while those in London were more than £400,000, reports Halifax.

As a result, deposit sizes have more than doubled over the last decade, says Sky News: “In 2006, the average first-time buyer deposit across the UK was £15,168, but now it is £32,321. In London, a first-time buyer’s deposit is over £100,000 on average, assuming they can also cover moving costs and stamp duty.”

Despite this, the number of first-time buyers completing a house purchase was at its highest level since the financial crisis, with 335,750 house purchases, higher than any year since the 359,900 transactions in 2007.