There are 2.2 million first-time buyers who failed to get on the property ladder since the financial crisis, the Building Societies Association (BSA) reveals.

While mortgage rates are easing and further Bank rate cuts are expected, the BSA says FTBs are still ranking mortgage affordability as the biggest barrier to buying a home, with two-thirds (65%) selecting this.

BSA head of mortgages Paul Broadhead says: “I’m disappointed that 12 months on from our first report, which highlighted the struggles faced by first-time buyers and the potential roadmap for change, the barriers to homeownership remain the same today.”

“However, our report outlines several tangible actions that can be implemented to help fix the broken housing market and to support the next generation of homeowners.”