First-time buyers 'will struggle in property market'

First-time buyers may find it difficult to get onto the housing market because of their credit score, one expert has claimed.

Property expert Ray Boulger noted that, by definition, they will not have built up a long enough credit history to prove they can handle their finances.

He added that he does not expect to see "significant improvements" in the fortunes of those trying to get onto the ladder because of this situation.

The specialist observed that 90% loan-to-value (LTV) mortgages, which would be particularly appealing to this section of society, are often very hard to get accepted.

Mr Boulger remarked that people are far less likely to get rejected when they try to buy a house if they are looking for an option offering 75% LTV.

The Council of Mortgage Lenders reported in June that first-time buyers made up the lowest proportion of house purchase loans since September 2007, accounting for 35% of all approvals.