Prospective first-time buyers have been advised not to overstretch themselves financially in an effort to get a foot on the property ladder. .

The comments from the property advice website Firstrung come after the Council of Mortgage Lenders (CML) reported that first-time buyers borrowed, on average £117,000 in May, equivalent to 3.37 times their annual income.

Paul Holmes, chief executive of Firstrung stated: "If you are struggling and really pushing the envelope to buy then now is the wrong time to do it.

"I would advise these first time buyers just to sit and wait and see what the next 12 months brings in house price correction."

"We are finding first-time buyers fall in to two categories: those who can or those who are so out priced they have to take incredible risks on their financial future just to own a home or get on the ladder," he added.

In addition to rising house prices and interest rates, increasing numbers of buyers are having to pay stamp duty as house prices continue to rise and the average first property goes over the £125,000 threshold.