The majority (88 per cent) of potential buyers prioritise saving for a house deposit over saving for a pension, a survey from Share to Buy has revealed.

Data from its poll of over 2,200 people across England revealed that "soaring" house prices had pushed first-time buyers to make a tough financial choice: homeownership now or financial security later, raising concerns about long-term financial stability for younger generations.

It found that 77 per cent received no financial support from family, and many buyers struggled to gather the funds needed to get on the property ladder.

Just over half (52 per cent) of respondents had savings of £10,000 or less, "far short" of the average £53,414 deposit needed for a home on the open market.

And it wasn't just younger buyers making tough financial trade-offs, as the research found that over 70 per cent of respondents were over 36, and many were approaching retirement age without pension savings.

Just under a third (31 per cent) had less than £5,000 in savings, while 21 per cent had no more than £10,000.

“While getting onto the property ladder is an important goal, it’s crucial not to neglect your pension savings, argued Share to Buy head of brand and content, Jade Turnstill.

“A smart approach can help you plan for both homeownership and retirement without compromising your future security,” she continued.

“With a variety of support options available, there’s no need to choose between securing your home and building your future."

Turnstill also argued that there are "simple ways to stay on track with your pension, ensuring that you’re working toward both short-term and long-term financial goals".

"You might not have to choose one over the other - planning ahead could mean you can have both!" she added.

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