First-time buyers are finding it increasingly difficult to get on the property ladder, owed in part to the recent surge in property prices, new research shows.

A survey by online mortgage broker Trussle shows that 65% of first-time buyers currently feel it is ‘impossible’ to get a foot on the property ladder, with 62% choosing to save for at least another 12 months.

The poll of 2,000 first-time purchasers also reveals that 72% of those in a position to look for a home within the next two years, some 44% of respondents feel confused by the constantly changing deposit requirements and lender criteria.

The study also found that 76% of those seeking to acquire their first property are worried, confused and angered at how Covid-19 has affected their home ownership aspirations.

But the feeling is not the same in every area of the country, with first-time buyers in the North East finding it easier to get on the property ladder than those in the South.

Meanwhile, 71% of Liverpool’s first-time buyers have managed to save enough for a deposit without help from their family or loved ones, whereas 42% of Bristol’s first-time buyers have had to rely on the Bank of Mum and Dad, reflecting regional house price differences.

Miles Robinson, head of mortgages at Trussle, said: “While it’s encouraging to see the property market remaining open for business with viewings and valuations remaining in place during the second lockdown, it’s disappointing that first-time buyers are struggling to navigate the market.

“One option for first time buyers is to adapt expectations when it comes to location, exploring more affordable areas and seeing the working from home option as a long-term alternative. However, the onus cannot continue to sit purely on the first-time buyer and their transactional power cannot remain untapped as we head into an uncertain 2021.

“The financial impact of the pandemic has meant that lenders are pulling a number of high LTV mortgages.

“As of this week, there are only 74 mortgage deals available for mortgage applicants with a LTV over 90%. By comparison, this time last year there were over 2,000.

“While lenders are right to be cautious given the economic climate, any sustainable recovery for the property market will need to see activity amongst first time buyers.”