The high cost of property relative to the average income in the UK is one of the factors considered to have played a central role in driving people towards the private rented sector.
And it seems like this trend could be set to continue, as the latest figures released by Castle Trust have revealed that aspiring buyers would need to save an average of almost £26,500 in order to put down a 20 per cent deposit on a home.
The mortgage provider analysed the cost of purchasing a property in 30 of the biggest regions and cities throughout England and Wales, with those who are hoping to buy in London potentially needing to save a deposit of as much as £72,760.
While Blackburn was the cheapest with buyers needing to front £14,470, this figure is still especially high in a time of austerity where wage growth has been restricted.
According to Sean Oldfield, chief executive officer at Castle Trust, the extent of the deposits that potential buyers now need has seen them increasingly look to family members for financial support.
"Parents and grandparents are being called on more and more to help children with their first deposit and the proportion of the population owning their own home without family help is likely to continue to fall," he commented.
Yet given that not all families are in a position where they are able to provide younger generations with the money they need to buy a home, many people have been turning to private landlords to solve their housing dilemmas.
This has enabled investors to benefit from the surge of demand for properties in the lettings sector, with rent prices increasing and yields holding strong in recent years.
However, it's vital that anyone who does look to get into the buy-to-let market remembers the importance of landlord insurance to protect their assets and set out their budgets without the risk of any surprises.