It will become increasingly harder for first-time buyers to inflate their income to secure a property, it has been suggested.

Helen Adams, managing director of FirstRungnow.com, said that new buyers must make sure they have enough money to cover the costs of their mortgage payments after the discount period is ended.

She added: "As part of the mortgage advising process you have to verify people's income so it is getting harder to inflate your income these days and get a higher loan in that way."

Callcredit recently revealed that one in four people would have to default on their mortgage if their income suddenly dropped by £300.

The findings also showed the number of people who were paying off their credit card bills in full fell significantly and became more pronounced in people aged 35 to 44.

According to the Council of Mortgage Lenders, gross mortgage lending declined to an estimated £9.1 billion in January, which represents a 21 per cent fall since last December.

People interested in moving house may wish to consider using self storage facilities.

Written by Emily Sanders