Rising housing costs are making it increasingly difficult for first-time buyers to save for a deposit, according to new research.

New figures from The Deposit Protection Service show cleaning has been the leading cause of tenancy deposit deductions for five consecutive years.

Tenant deposit scheme contributions reach £1m as rental deposits help fund homelessness support through St Mungo’s.

The new partnership combines deposit alternatives with tenant guarantor services to support affordability.

Tenants moving home now tie up an average of £2,524 across two cash deposits at the same time.

24% of renters over 54 lost more than £1,000 from their deposit compared with 6% of under-35s.

The average deposit for a first-time buyer now exceeds £60,000, according to UK Finance.

Fixtures and furnishings in rental homes are wearing out 30% faster due to the rise in remote work, according to Inventory Base.

One in five renters has borrowed money, which must be repaid, to cover their five-week cash deposit, a poll has revealed.

Newlyweds received £2,483 in total for their wedding, on average.