Over the same period, house prices have risen by over fourfold, and the average household income has increased by two and a half times.
The research also shows that 2010 was the most difficult year to buy property over the past 20 years, with the average house price 6.3 times the average household income, and the average deposit running at 1.7 times the average income.
The most affordable years were 1995 and 1996, with the house price ration at 3.4 and the deposit ration at 0.3 times household income.
The average LTV in 1990 was 88%, rising to 90% in the mid-90s and falling to an all-time low of 73% this year.
Bruno Genovese, senior savings product manager at First Direct, says: “Much has been made of rising house prices, but the average deposit needed in the first place has actually risen more than twice as fast as house prices and almost four times as fast as income.
“This is why we are seeing first-time buyers getting older, with more and more people struggling to get on the property ladder. In this climate, it really is important that people save as much as they can to raise the money for a deposit.”