New research from Post Office Money reveals that the average first-time buyer will spend four or more years trying to get on the property ladder and that many will make lifestyle changes to generate the funds. With monthly savings towards a deposit amounting to as much as 20% of a first-time buyer's income, here are our top saving strategies to fast-track the process and help you buy your own home in five years or less.

The average deposit for a first-time home in the UK last year was £51,500, according to the Office of National Statistics (ONS). This varied, of course, from £21,571 in Blackpool to £132,000 in London. On average, first-time buyers were able to set aside 24% of the value of their property before buying and the good news is, it's working: in 2017 more mortgages to first-time buyers were granted than in any other year since 2006.

This mantra has been embedded in our psyche for years now and it still holds true. While we would all like to buy in up-and-coming areas where we’ll see our property value rise, first-time buyers are limited by the areas they can afford to live in and according to Post Office Money, 63% have to compromise on their dream location. Blackpool, Lincoln and Hull have all been identified as affordability hotspots.

READ MORE: The UK's cheapest and most expensive places to buy a home

It’s time to put your pride to one side and accept help from the 'Bank of Mum and Dad', as research from Post Office Money shows that 30% of a first-time buyer’s deposit is likely to come from family contributions. Sometimes this comes in the form of an outright gift (some think of it as early inheritance), or for others, it's a loan that will be paid back over time.

Though mum and dad may come to the rescue, it’s unlikely you’ll raise the full deposit without making a few personal sacrifices. With Post Office Money revealing that 70% of deposits come from savings, it’s time to ditch the gym membership in favour of walking to work, and forgo your daily latte.

According to Post Office Money, first-time buyer households set an average savings target of £815 a month (ranging from £565 in Scotland to over £1,000 in London). It’s a good idea to make a realistic savings plans and stick to it – particularly if buying with a partner. There are lots of tools out there to help you budget, including the Post Office’s online tool.

When it comes to saving for a deposit, first-time buyers are most willing to compromise on the quality of their lifestyle, rather than their property purchase or the length of time it took to save. A huge 92% of first-time buyers surveyed by Post Office Money said they gave up lifestyle luxuries to reach their savings goal.

Staycations are in vogue for a very good reason – we can’t afford to go anywhere else! With 31% of first-time buyers sacrificing going on holiday, it’s time to book that caravan in Skegness or use your annual leave to catch up with friends and chill out at home.

If you suffer from FOMO then take a deep breath as Post Office Money found that 30% of first-time buyers gave up nights out in order to save for their first home. This doesn’t mean you have to turn your back on your social life altogether though – invite friends round for dinner, organise party nights at home and keep an eye out for free exhibitions and gigs. And the rest of the time? It’s time to work your way through those box sets.

Who knew that saving for your first home could also lead to a slimmer waistline? 26% of first-time buyers sacrificed their weekly takeaway so perhaps it’s the perfect time to reignite your passion for cooking and get healthier in the process. You can also save money on the supermarket shop by switching to own-brands, or even a cheaper supermarket.

Returning to the nest might strike fear into the hearts of many, but 13% of first-time buyers choose to move back in with their parents in order to save for a deposit faster, so perhaps there's something in it. Think of all the money you’ll claw back on rent, not to mention those home-cooked meals, along with free childcare if you have kids. While it's hard to know what parents should charge their grown-up kids in rent few can afford to support them completely. It can still be a considerably cheaper than renting a place of your own but try to agree before moving in what contributions you'll be expected to make.

If moving back home is not an option, you could follow the lead of 9% of first-time buyers surveyed by Post Office Money, and downgrade your rental property to something more affordable. Moving from a two-bed into a one, taking a room in a shared house or relocating to a less trendy or desirable part of town, could make a real dent in your monthly outgoings.

It’s a no-brainer really — if you need to save money, it helps if more money is coming in each month. A whopping 30% of first-time buyers took on overtime as part of their existing job, so if the hours are there, snap them up. Not only will your pockets be fuller but your commitment is unlikely to go unnoticed by your boss.

It’s no surprise either then that 21% of those surveyed looked for a higher paying role. Not only would this leave you with more disposable income each month to put in the piggy bank, but the more you earn, the more mortgage companies will be happy to lend you. Simples.

With less time spent down the pub, why not use the extra hours to generate more income? 17% of first-time buyers took on additional paid work. It might be a hobby you can turn into a small business, a job in a cafe or bar, or contract work that you can fit into evenings and weekends – thus reducing your spend on going out, too.

Keep an open mind and consider alternative locations. On average, new buyers end up moving 29 minutes or 5.2 miles from where they originally intended, Post Office Money found. You may dream of living in a certain area, but it’s unlikely you’ll get everything you want with your first home, and you never know, the new area might suit you better.

Consider high-interest savings accounts like the Lifetime Isa (pay in up to £4000 per year for a 25% government bonus toward first home or retirement) or the Help to Buy Isa, to help you maximise your savings.

Don’t be disheartened by set-backs. Post Office Money revealed that 13% of first-time buyer savers feel like a failure for not reaching their savings goal in the time they intended and 21% found their motivation waned over time. Just hang on in there.

READ MORE: MAPPED – What first-time buyers will pay