The decline in the number of first-time buyers over the last decade has been widely reported. However, over this time the characteristics of the group of people buying their first home have changed dramatically, according to a survey by Nationwide.

Back in 1994, when Club 18-30 holidays was re-branded, 3 in every 5 first-time buyers came from the 18-30 age group. However, increasingly this is no longer the case. Property prices have trebled over the last 10 years and lifestyles have changed.

Now only 2 in every 5 first-time buyers are aged between 18 and 30 and the number entering the market is currently 14,000 per month - down around 40% compared to two years ago.

Alex Bannister, Nationwide's Group Economist said: "Buyers in this age group are still buying the same type of property - predominantly terraced. However, the size of deposit they put down has soared in recent years.”

“Currently, one in two 18-30 year olds buying their first home are putting down more than £12,000 (compared to £2,500 in 1994) as a deposit and one in four are putting down more than £30,000.”

The rapid rise in deposit size supports the anecdotal evidence that many first-time buyers are now only able to get onto the property ladder with financial help from their families. In many cases this is likely to involve parents withdrawing equity on their own property.

For the 18-30 group entering the market typical incomes have risen from £16,000 a decade ago to £36,000 now - compared with the rise in UK average earnings from £17,000 to £26,000 over the same period.

“However,” says Bannister, “even with a £36,000 salary it would take someone 5 years to save up a £30,000 deposit if they saved 20% of their take home pay each month."