Research from West Bromwich Building Society found that 65 per cent of first-time buyers said holidays would be the first thing to go but only 26 per cent said they would give up getting a haircut or compromise on beauty and grooming products.

Meals out were the most commonly sacrificed (66 per cent) while 46 per cent of fledgling buyers said they would give up spending on electronic gadgets.

Most buyers accepted tthat they would have to wait before securing a suitable deposit for their first house purchase. The survey found 22 per cent were prepared to give it one year while 42 per cent were willing to wait for three years or more to reach their goal.

Some would even quit rented accommodation and move back in with their families if it made it easier to build up a deposit. A quarter (26 per cent) said they would do so ‘if necessary’ and 6 per cent were already trying it. But 38 per cent valued their independence too much and refused to consider the idea.

David Taylor, head of products at the West Brom, said: “Buying a home is a huge financial and emotional step and people must consider their priorities and spending patterns.

“We would advise first-time buyers to save regularly, budget carefully and make a proper financial plan to help realise their dream. Those choices include seeking the best mortgage to suit their needs now and in the future.”