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Mortgage woes

First time buyers in 2007 required on average just £12,000 for a deposit - today that figure's more than doubled and stands at £26,000.

The deposit is the equivalent to 87 percent of the median yearly salary. The Council of Mortgage Lenders told the Telegraph:

'We do not expect there to be a significant increase in first-time buyer activity in 2011 or 2012. The reality for first-time buyers is that, although there is widespread sympathy for their plight, they are only one of a number of different types of consumer who are experiencing difficulties in challenging housing and mortgage market conditions.'

Today, 8 out of 10 first time buyers under the age of thirty have only managed to get a place through borrowing from Mum and Dad. The CML added that it sees sees 'little prospect of recovery in the foreseeable future.'

Better start practising sweet talking your parents then.

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