Hopeful first time buyers in the property market still overwhelmingly have a tricky time trying to get onto the property ladder, according to new research.
Roughly nine out of every 10 prospective buyers say that finding a home is a really difficult process, with 40 per cent of first time buyers saying that raising a deposit is the toughest obstacle, rising six percent from August last year.
Despite government schemes such as Help to Buy, one in four of those looking to buy were refused a mortgage when they initially applied through their main bank.
While 48 per cent of first time buyers said they had at least one property purchase fall through, that figure rose to 73 per cent for those specifically living in London.
The study, carried out by specialist bank Aldermore, also showed that more people are now also living with friends and family to save for a deposit, an increase of four per cent from last year to 27 per cent.
A further third would consider it if it meant they could get on the property ladder quicker.
Charles McDowell, commercial director of mortgages at Aldermore, said: “It is apparent from our latest Index that the house buying process leaves a lot to be desired. The housing market is in a state of flux and first time buyers are still clearly finding it difficult to get on the housing ladder leaving them anxious, stressed and out of pocket.”