Just 14% of non-homeowners are trying to get on the property ladder
The vast majority of non-homeowners are failing to get their feet on the first rung of the property ladder.
According to new research from mortgage lender Halifax, just 14 per cent of non-homeowners are currently saving for a deposit.
The bank has also found that only one-third of people without property have a realistic plan to buy a house in the coming five years.
Halifax's research also shows that a further 14 per cent of people are trying to save for the deposit on a property but are spending their disposable income on having a good time instead.
Simon Kenyon, Halifax savings director, noted: "We know from our own research that for some customers to get on to the ladder, their savings behaviours need to change."
However, the bank also found that those determined to get on the property ladder were making sacrifices elsewhere.
A third claimed that they had cut back on going out or stopped going out altogether, a quarter said they had reined in spending on holidays and a similar amount had stopped splashing out on new clothes and expensive toiletries.
Despite the small minority of would-be first-time buyers managing to save a deposit for a house, mortgage lending at some banks appears to be up.
HSBC has announced that it has increased the value of home loans forwarded to customers by 35 per cent in the first half of this year - rising from £4.92 billion in 2010 to £6.7 billion between January and the end of June 2011.
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