First time buyers still want to become home owners, but they have become more cautious, some might say realistic, about how quickly they will be able to get their first foot on the property ladder and what they can buy.

First time buyers are vital to the property market because owners further up the property ladder cannot move upwards unless they can sell their current property to a new entrant to the property market.  Recent research suggests that every purchase by a first time buyer can trigger as many a four other transactions as sellers further up the chain find themselves in a position to conclude missives.

A survey by the Co-operative Bank and Places for People reveals that more than half of first time buyers (54 per cent) think of renting as "throwing money down the drain."   But they are now increasingly willing to be patient. The most recent data from the Council of Mortgage Lenders (CML) mortgage survey shows that first-time buyers are now, on average, paying a deposit of more than £19,000, equivalent to 15 per cent of the property's value. And the majority estimates that it will now take them up to two years to save enough to buy their first home.

The survey highlights changes in attitudes since the credit crunch. A year ago, more than half of first-time buyers (57 per cent) were not prepared to make any sacrifices to get on the property ladder. Now, less that one in 10 (9 per cent) takes that approach.  First time buyers are giving up eating out, holidays, clothes and even drinking in an attempt to save enough for a deposit.  One in five has even postponed their marriage.

They are also increasingly willing to compromise on what they expect their first home to have.  Nearly half say they would go without extra bathrooms (49 per cent) or a garage (48 per cent).  Nevertheless, more than three-quarters would not compromise on location (80 per cent) or on having some sort of a garden (78 per cent).