It seems first time buyers are not taking advantage of falling house prices, low interest rates and easing lending criteria.
A mere third (35%) of prospective buyers are taking their first step onto the property ladder, according to Halifax research
Over half of prospective first time buyers say affordability is the main reason why they have not pursued a home.
Yet, the proportion of a typical new homeowner's disposable earnings devoted to mortgage payments has almost halved from a peak of 50% in June 2007 to 28% in June 2010, according to Halifax. In addition, nearly all of first time purchases (94%) are not charged stamp duty.
As well as being affordable, research by the Council of Mortgage Lenders shows that first time buyer mortgages approvals increased by 20% in June.
In addition, figures show that eight out of 10 first time buyer mortgages across Lloyds Banking Group brands were approved.
"We believe it's important that first-time buyers understand that whilst there are still challenges in raising deposits, other market conditions are more positive," commented Stephen Noakes, commercial director for mortgages at Halifax.
"Affordability has significantly improved, meaning the amount of a typical first-time buyer's monthly pay packet that needs to be dedicated to their mortgage is now below the 25 year average and importantly, despite perceptions, eight out of ten first-time buyer mortgages are approved."
According to Moneyfacts.co.uk, for borrowers with a 10% deposit, the average rate on a two year fixed rate first time buyer mortgage is now 6.15%, compared with 6.48% six months earlier.
For those first time buyers lucky enough to have a deposit of 25%, the average two year fixed rate has dropped to 4.11%, down from 4.37%.
So, if you've been sitting on the fence why not make the jump and turn the dream of owning your own home into reality.
The Moneyfacts.co.uk Best Buy mortgage tables are a great place to begin.
Find the best mortgage rate - Compare best selling mortgages
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