FTBs are unable to keep their hands out of the cookie jar, according to Abbey…

Four out of 10 people trying to get on to the property ladder admit they have spent some of the money they had saved towards a deposit on other things. Around 42% of would-be first-time buyers have raided their deposit accounts, withdrawing an average of £5,430 each, according to High Street bank Abbey.

The proportion is nearly four times higher than the 11% who said they had spent money they were saving towards a house last year. Just over half said they needed the cash to meet day-to-day living costs but just as many admitted they had blown the money on clothes or gadgets - and 50% spent it on a holiday.

Tempting to dip-in

One in four used their savings to buy a car, with men most likely to do this, and 4% said they had decided to use the money to fund a wedding or other celebration. The average first-time buyer thinks they will need nearly £23,000 to start to buy their first home, and they claim they will be able to save this amount within three-and-a-half years.

Nici Audhlam-Gardiner, Director of Abbey Mortgages, said: "Saving £23,000 or more for a deposit is no mean feat, particularly if you let distractions get in your way. First-time buyers may be more tempted to dip into their deposit savings this year because of the uncertainty in the market and prospect of falling house prices. However, there are still very good reasons for people to get on the housing ladder, as property continues to be a good investment for the longer term.