Commenting on the CML figures, he said: “The plummet in gross lending is more than a simple drop-off after the end of the stamp duty holiday.
“House prices are still creeping up, and first-time buyers need to borrow larger and larger sums of cash to get a foot on the housing ladder. With most lenders still not offering high enough LTVs for buyers, young adults are trying to save for enormous – and often impossibly high – deposits.
“Thousands of would-be first-time buyers are unable to get the finance they need, and are forced to remain living with relatives or in rented accommodation.”
