FIRST-time buyers are moving back in with their parents and not going on holiday as they save for a deposit, says a building society.

Despite making "major sacrifices to achieve their dream", the Nottingham Building Society says many would-be home owners are missing out on ISA schemes that could could boost their savings.

Around 61 per cent say they have cut back on socialising and 55 per cent are spending less on themselves and loved ones, suggests the research.

One in 12 has even postponed starting a family or getting married, or sold their car to maximise savings.

Simon Taylor, the Nottingham’s chief operating officer, said: "First-time buyers face a lot of challenges getting a deposit together, so it’s important to us to raise awareness of all the help and financial benefits that are on offer with the right accounts.

“Our research shows people are making financial sacrifices to get on the ladder and they deserve some help.

"Thanks to the significant bonuses available, paying into a government-backed savings account, such as a Lifetime or Help to Buy ISA, will enable first-time buyers to save a deposit more quickly or put down a larger deposit which can increase their options."

The Nottingham's research showed more than one in four would-be buyers saving for a deposit had moved back in with Mum and Dad and decided against going away on holiday.

l The average cost of a home for first-time buyers in the UK is £210,515, said Lloyds Bank earlier this year. First-time buyer deposits are an average £39,668.