Mortgage affordability is at its best for 25 years, yet many first-time buyers are not seizing the opportunity to get on the property ladder says Mark Pullinger, of Regal Estates.

The proportion of a first-time buyer’s salary that should be set aside for mortgage payments has fallen to just 28% on average. This figure has dropped considerably since June 2007, when you could easily pay 50% of your salary to your lender each month. Furthermore, the figure is lower than the 25-year average of 34%.

With such affordable rates available, potential home owners cite tightening in lending criteria post 2007’s credit crunch as a major concern when applying for a mortgage.

Deposits also seem to be something of a problem. The average deposit on a home has remained at 10%, which equates to around £14,000.

Research also shows that a typical first-time buyer takes between three and five years to save for a deposit, with many making adjustments to their social lives in order to accumulate cash.

10% of first -time buyers put off getting married or having children, 12% take a second job and almost 25% sacrifice their summer holiday in order to raise a deposit.

Pullinger said: “We believe it’s important that first-time buyers understand that while raising deposits is still a tricky task, other market conditions are more positive. Affordability has improved, meaning the amount of a typical first time buyer’s monthly pay packet that needs to be dedicated to their mortgage is now below the 25 year average. In spite of perceptions, eight out of ten first time buyers successfully get a mortgage approved.”