Halifax has revealed that the number of first-time buyers in the UK fell to a 25-year low in 2005. The company estimated that 320,000 people took their first step on to the property ladder last year, 10% fewer than in 2004 and 40% down on 2002.

It said numbers fell to their lowest level since 1980, although there were signs of a slight pick-up during the second half of the year. One problem for first-time buyers is the massive deposit required to buy property. The average house buyer must save £23,967 - more than double the £9,894 they needed five years ago.

A typical first-timer takes five years to save this sum, up from the three years it took to build a deposit in 2000. People are now 33 years old on average when they buy their first home.