First-time buyers urged to ‘batten down the hatches’ until spring as mortgage approvals fall

A recent poll showed home buyers expect to be in their mid thirties before they will be able to buy in London

(Picture: Matt Writtle)

First-time buyers have been urged to “batten down the hatches” and save up a deposit to use from spring onwards after data emerged showing plummeting mortgage approvals and growing pessimism over home ownership chances this winter.

Simon Bath, chief executive of property technology provider iPlace Global, said getting a foot on the property ladder had become increasingly difficult since September due to a combination of lender nervousness and squeezed budgets.