It was also found that only one in ten first-time buyers do not want to make sacrifices when buying a new home, which is a major fall from 57 per cent 12 months ago.
Victoria Drummond, operations manager for shared equity scheme Ownhome, said: "This new research shows that the dream of owning a home is now out of reach for many first-time buyers.
"As a result many more people are being entrepreneurial and making sacrifices in a bid to try and claw their way onto the property ladder."
Recent research by Yorkshire Bank claimed that a number of homeowners in the UK are looking at their garden as a way of adding value to their properties.
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