According to website look4aproperty.com the biggest problem first time buyers now face is not a lack of available finance, but a lack of properties on the market.

Website founder Aaron Turner said enquiries (to the website) shot up 150% during April and May, compared to the first three months of the year - and early figures from June saw more people hitting the site every day.

"There has really been a steep increase in people wanting to buy a home," Turner said. "But homeowners need to put properties back on the market or risk stifling the first real 'green shoots' of recovery for this economy.

"The biggest problem we are now facing is a lack of homes. A lot of people went into the rental market after their homes failed to sell - but we are telling them that now is the time to switch back again."

Turner added that the frugal trend that swept the UK since the recession hit saw people saving, rather than spending.

"Those savings have now accumulated so much that people have deposits they wouldn't have had otherwise - and they are ready to invest in property."

Source: PropertyTalkLive