Research carried out by Yorkshire Bank has revealed that first-time buyers across the country are being forced to put their house-buying plans on hold indefinitely.
More than one-in-five first-time buyers under 35 now think it best to shelve their house-buying dreams until the property market calms down.
The bank's study reveals of those remaining determined to take the plunge, one-in-10 first-time buyers under 35 would be prepared to take out a personal loan to fund the necessary deposit to secure their home.
First-time buyers in some parts of the country are faring worse than others with; 22% in the South East and 21% in London who are currently considering renting for longer than they would like to, simply because of the over-heating housing market.
Andrew Hindle, Yorkshire Bank's head of personal lending, says: “The market is tough out there at the moment and its really the time buyers who are suffering the most, as they have no existing equity to use to help them on their way. And its particularly disturbing with prices so inflated, and therefore the necessary deposits so large, one in ten would resort to taking out a personal loan to help them out - certainly not something we would recommend.”