The number of products available for first time buyers is even more dire, with only 1,195 currently available.
Louise Cuming, head of mortgages at moneysupermarket.com said: "Despite all the recent initiatives from the Government and Bank of England, the lack of credit is an ongoing problem. This will continue to hinder any sustainable recovery in the housing market so until this changes, and more mortgages become available, house price growth will remain muted at best, with further falls possible, and many borrowers will struggle to get a mortgage. Unfortunately it is doubtful that the number of products will increase significantly any time soon. Lenders are competing to attract the same borrowers - those that are seen to offer the least risk to the bank - and there is no sign of this trend changing."
