The availability of mortgages is only part of the picture when it comes to first-time buyers getting their foot on the first rung of the property ladder, it has been claimed.
Katy John, press officer for Priced Out, suggested first-time buyers need to save as much cash as they can in order to be able to get the best possible deal when it comes to buying a home.
The industry figure was speaking in response to new findings from the Council of Mortgage Lenders, which showed the number of loan granted to first-time buyers dipped by two per cent in July, while the total value of these agreements rose by five per cent.
Ms John noted, however, that improved access to credit will not address the underlying problems facing the industry at present.
“The government needs to focus on the longer term objectives of building more houses, continuing with its planning reforms to free up more land to build on,” she added.