Prospective graduate first-time buyers are continuing to find it difficult to get a foot on the property ladder, with over half yet to do so, new research has revealed.

According to the latest Graduate First Time Buyer report from the Scottish Widows Bank, with the average deposit being paid for a property by this section of buyers now standing at £16,666, 58 per cent have yet to purchase a home.

Though 18 per cent of those questioned stated that they were not ready for the commitment of buying a house, for the majority rising costs is the major issue, with affordability cited by 70 per cent of graduates as the biggest hurdle preventing them from owning a property.

In addition, 13 per cent claim that personal debts, including credit cards and loans, will prevent them from being able to afford to put down a deposit on a property in the near future.

Commenting on the figures, Richard Clark, head of product development at Scottish Widows, stated: "This year's report reveals that the situation really is getting worse for graduates.

"The main issue is that property prices and inflation are continuing to rise, but starting salaries have not moved in line with this.

"First-time buyers are struggling to save for that deposit, and recent interest rate rises are acting as a further deterrent.

"Owning a home is likely to remain a pipe dream for many."

However, according to the online saving company Icesave, one in five parents are considering helping their children financially to get on to the property ladder.