The proportion of renters actively saving for a house deposit has dropped to its lowest point in six months, as rising costs continue to put pressure on household budgets.

Renters saving for a deposit are putting away £230.80 per month, less than half the average monthly target.

Renters are tightening their budgets as mortgage costs continue to climb.

High LTV loan limits have increased to £640,000 for houses and £310,000 for flats.

Consumers’ confidence in their ability to afford rent and mortgage payments remained unchanged.

1 in 6 Homeowners has their sights set on a move in 2025, as growth in mortgage and rental spending slows, according to a new report released by Barclays.