The latest report from Halifax has shown that more first-time buyers climbed on to the property ladder in 2016 than in any year since 2007. However, it comes at a cost as the lender revealed would-be home owners now need to raise more than £32,000 for a deposit.

Deposit sizes have more than doubled over the last decade. In 2006, the average first-time buyer deposit across the UK was £15,168. Now it is £32,321 - around 16% of the price of a typical first home.

According to the report, those buying their first property can expect to pay more than £200,000 across the UK generally and an ‘eye-watering’ £400,000 in London. On average, in the capital, a first-time buyer’s deposit is more than £100,000, assuming they can also cover moving costs and stamp duty. First-time buyers in London put down a 25% deposit on average in 2016, amounting to £100,445.

Halifax also revealed that during 2016, the average house price paid by first-time buyers was £205,170 - the highest on record. This average has grown by 7% over the last year, pushing it over the £200,000 mark. However, in London, first-time buyers can expect to pay £402,692.