Since the start of the credit crunch, first-time buyers are finding it more difficult to get onto the property ladder unless they have access to a large deposit. The larger deposit can also mean a far more competitive interest rate.

The UK mortgage market is showing very low levels of lending, due to the lack of supply and demand of home loans. This low lending level affects not just first-time buyers, but also those looking to perhaps move to a bigger home.

Mortgage approvals are down but mortgage arrears and repossessions increase