The study of 2,000 Britons by MoneySuperMarket found the added burden of stamp duty in a market of rising house prices is hindering a staggering 77 per cent of people.

Under current rules, anyone buying a property costing between £125,000 and £250,000 must pay one per cent of the price in tax. This leaps to three per cent for houses above £250,000 and up to £500,000.

The survey found 57 per cent of people will need to save for longer than planned to cover stamp duty fees, while a further 20 per cent will rely on someone else to help meet stamp duty costs.

The average deposit potential homebuyers currently have saved is £9,734. However, with the average UK house price topping £183,577, according to Nationwide, this is less than a five per cent deposit once the one per cent stamp duty cost of £1,835.77 has been deducted, leaving the average buyer ineligible for a mortgage to buy a house in today’s market.

The research also found that 49 per cent of those currently saving for a deposit have been doing so for under five years, while a further 22 per cent of people have been squirrelling money aside for between six and 10 years. A third of those continuing to save expect to need a further five years to reach the level of deposit they need, while one in five will still need another six to 10 years.

Clare Francis, editor-in-chief at MoneySuperMarket said: “Home ownership is something millions of people aspire to so it’s encouraging to see people are saving hard towards the goal of one day getting a foot on the property ladder, but it can seem like a relentless task. And with house prices rising again in many areas, that goal is being pushed further and further away.

“On the plus side, the deposit requirements have eased. There are more 95 per cent mortgages available than there were a year ago, helped by the launch of the mortgage guarantee element of the Help to Buy mortgage scheme in January. This is enabling first time buyers to get on the property ladder sooner because they don’t have to save such a large deposit. However, with the current average deposit level sitting at less than four and a half per cent, many aspiring homeowners still don’t have enough saved.”