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When will first-time buyers be allowed back onto the property ladder?

Over the last couple of weeks it would appear that UK mortgage approval numbers have been rising, and are in fact at double the number seen in November/December 2008. This would appear to give something of a shine to the UK mortgage market when in reality there is still a lack of realistic deals available first-time buyers and indeed unless deals do appear many may well miss out again.

In what is something of a double edge sword, the UK government has advised the banking industry to reduce the risks it takes on new business while on the other hand pushing to increase liquidity in the personal and business arena. One major issue is the fact that some experts believe the UK property market may well experience further turbulence in 2010 and many banks, with this in mind, are reducing the deals on offer for first-time buyers. In many ways there is a real risk of the UK banking industry and UK property buyers talking themselves into yet a further lurch down in the property market.

Sentiment is a major element of any market and if this does take a downturn it can be very difficult to turn around in the short term. So what is the answer?

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