A One Poll survey conducted in July for Barratt Homes, found that 75 per cent of Wiltshire homeseekers, who were surveyed overestimated the amount of deposit they would need to put down on a £250,000 new home.

More than 30 per cent believed they would need to save between £25,000 and £30,000 – more than double the real amount. More than 75 per cent questioned believed they would have to save at least £15,000.

In reality, using the government’s Help to Buy scheme, buyers need just £12,500 for the deposit.

Adam Champion from mortgage company The New Homes Group said: “Most people think you need at least a 10 per cent deposit on a new home when we start talking to them and are pleasantly surprised by the true figure of just five per cent,” he said. “In Westbury, for example people need just £13,950 to buy a three bedroom home at White Horse View.”

Barratt Homes sales director Andrea Pilgrim said the figures should be welcomed by anyone considering buying a new home.

“Historically-low interest rates, together with Help to Buy and a wealth of mortgage options available at the moment, make now an excellent time to buy,” she said. “Despite some uncertainty over Brexit the new homes market is extremely busy and the more people know about the low deposits the more people can move into their dream home.”

The survey also highlighted awareness of low deposits in the different age groups. Although everyone asked overestimated the amount needed, the amount estimated rose with age.

Those between 18-24 years old believed they would need to save an average of £19,000 for a deposit while the over 55s guessed a deposit would cost in excess of £23,000.

“Schemes such as Help to Buy are available to all ages but it is mainly first time buyers who have benefitted from the help so it is good to see the younger people are closer to the right figure,” said Andrea.

For more information about Barratt and Help to Buy, please visit barratthomes.co.uk