Steps are being made to help first-time buyers get their foot on the property ladder, according to the Building Societies Association.

Paul Broadhead, head of mortgage policy at the trade association, explained that the government had been actively looking at ways of creating an environment in which first-time buyers could access the property market.

"There have been steps announced by the government in their housing strategy - and it was followed up in the chancellor's autumn statement - that [they] will be providing guarantees for higher loan-to-value lending, particularly on new-build properties," he said.

"If we get that in the spring then that means that people may well be able to get mortgages on new-build properties with smaller deposits of five per cent as opposed to ten or 15 per cent which has been causing a barrier. That will certainly help."

However, Mr Broadhead added that there are still barriers for consumers, the biggest being the ability to raise enough cash for a deposit.

The Building Societies Association is a trade association, representing mutual lenders and deposit takers in the UK.

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