There are a number of obstacles facing young people who want to get on the property ladder, it has been claimed.

Managing director at Metropolitan Home Ownership (MHO) Graeme Moran said supply is unlikely to return to the market any time soon.

"A number of house builders have still got concerns about the obligations that they will have to perform under planning regulations, which are quite cumbersome at the moment," he continued.

Consumer interest in purchasing a property is very high at the moment, suggested Mr Moran, although the ability to secure the finance is holding them back.

Government incentives may be encouraging lenders and developers to help out first-time buyers, but problems still exist within the wider market, he added.

The National Association of Estate Agents reported on July 9th that 22.5 per cent of people said that they were unable to find a mortgage on the market that they qualified for.

Furthermore, 56 per cent of people said that a combination of relaxed lending restrictions and lower deposit requirements would increase the chance of them buying a property.