It’s no surprise that first time buyers are struggling to get on the property ladder, there are few 90% mortgages out there never mind 95% or 100%. Add to this the high rental costs eating into income that would otherwise be saved for a deposit and those looking for their first home are barely able to dream about ownership.

The property market is one big tease at the moment, with cheap properties flaunting themselves in front of would-be buyers in great numbers but those very same buyers are unable to take advantage. It’s so hard to get a mortgage at the moment that properties are spending months on the market at reasonable prices, even potential buyers with a healthy deposit cannot get the financial support they need from their lender.

Homes, homes everywhere but not a mortgage in sight

The stress is not only on buyers but also sellers and estate agents, with ready-to-go-buyers at a minimum property chains are going stagnant as agents are unable to complete deals. This puts the agent-client relationship under immense pressure as the realtor looks to do all they can to move the process along but is ultimately at the mercy of the lenders; if they hand the cash over – it’s on, if they don’t – it’s not.

Speaking about the state of the market, Vicky Bibiris from Stoke Newington estate agent Location Location, said: “It’s a trying time for all estate agents at the moment with relationships constantly on tenderhooks. But the vendors and buyers have the biggest problems, unable to sell and unable to buy they are stuck until lending criteria are relaxed.”

Ms Bibiris added: “While the rental market is bouyant and prices are high, first time buyers look to be facing a period of uncertainty if the recent BSA report is to be believed. Here in North London and across the capital; prices are rising steadily putting new homes even further out of reach for many, it’s a good time to have a healthy deposit stashed away.”

The BSA (Building Societies Association) report believes first time buyers will have to save for at least 10 years to put a deposit in place, despite a 34% rise in lending in the mutual sector. Shockingly; research conducted by the BSA found that one in five first-time buyers believed they would still be renting or living with family in 2022.