Over a decade of struggle lies ahead for the average first-time buyer as they struggle to save for a deposit, according to Mis-Sold Mortgages Company Simple Financial Solutions.

A recent survey by the Halifax reports someone earning just over £25,000 a year and saving a tenth of their income for a £21,000 deposit would take an average of 11 years to do so, mostly due to combination of high house prices and low wages that prevent many from saving the deposit they need to get onto the property ladder.

A spokesperson for Mis-Sold Mortgages Company; Simple Financial Solutions, said: “Over the last decade the price of a house paid by first-time buyers has increased by £135 a week, and the average age of a first-time buyer has risen to 29.

“For young people, the problem is compounded by high youth unemployment and stiff competition for jobs from much older people who have been made redundant during the recession. It’s taking longer for them to climb the career ladder as a result and reach anywhere near a good wage where they can afford to save for a house deposit.”

In ten years the average house price has increased from £68,644 to £138,682, a whopping 102% rise. The only way many first-time buyers can now make the jump from rented accommodation to purchasing their own property is by receiving some kind of financial assistance, usually from parents. According to the Council of Mortgage Lenders around four out of five first-time buyers are being forced to do just that.

“Without financial assistance, many first-time buyers would be 36 before they had saved enough for a deposit,” said the spokesperson. “Only three years ago before the recession, the average age was 33. During the credit crunch, the banks and building societies withdrew many of their affordable mortgage products, including the 95% mortgage. Overnight the amount a first-time buyer had to save doubled as 10% became the norm. Although there are now a few 95% mortgage products back on the market, the borrowing criteria tend to be much stricter than before so they are not widely available to everyone.”

But it’s not all bad news.

Halifax Housing Economist, Martin Ellis claims the situation is improving. “Affordability has improved significantly over the past three years. While the tightening in lending criteria experienced across the mortgage industry since the onset of the credit crunch in 2007 deterred first-time buyers from trying to secure mortgage finance, there are now encouraging signs of a modest improvement in mortgage availability.”

Scotland is by far the most affordable places to buy a first home despite the length of time it takes to save a deposit. Elsewhere, UK buyers take an average of 15 years saving at the same rate as their Scottish counterparts. This is due in part to the much higher deposit of £29,000 needed because of higher property price, some £8,000 more than their Scottish counterparts.

“A recent poll of 56 economists suggested that house prices are due to fall through 2011 as the recent cuts and austerity measure take hold,” said the Mortgage Reclaims spokesperson. “This is good news for first-time buyers as the amount of deposit required will fall in line with house prices. Combined with the fact that lower house prices in Scotland mean only 1 in 50 first-time buyers are eligible to pay stamp duty compared to 1 in 4 in places like London, 2011 is looking like the year that many Scottish first-time buyers will finally get the opportunity to get a mortgage and onto the housing ladder – and a lot sooner than they anticipated!”

But no matter how bad you think you may have it, spare a thought for first-time buyers in London. They have to find a massive £56,259 deposit to get on the rungs of the property ladder and afford their first property!

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