Nearly three quarters of first-time buyers are getting onto the housing ladder by taking out a mortgage with a partner, friend or family member, according to a new study from Scottish Widows.

Although the shared-buy approach opens up the market to young people, the bank warned that two thirds of those in a joint mortgage are unable to buy the other person out.

It also noted that the average graduate has debs of £10,586 - with a significant proportion owing as much as £17,000 - and that just 44 per cent have succeeded in getting onto the property ladder ten years after leaving university.

Amanda Docherty, communications manager for Scottish Widows, said that young people opting for joint mortgages should be commended for their determination, but she also warned them against rushing into such an arrangement.

"Nobody wants to end up in a situation where they find it extremely difficult to share a home with someone they no longer get on with," Ms Docherty cautioned. "With no exit route in place, graduates need to be fully aware of the size of the commitment involved in buying with someone else."