The reduction in the number of available mortgages in the UK may actually benefit first-time buyers.

That is the opinion of Firstrung, which said that the lack of mortgages will lead to falling house prices and therefore benefit new buyers.

First-time buyers have been struggling to get onto the property ladder in recent years as prices have soared.

However, the global credit crunch has led to a reduction in the number of available mortgages and this is expected to force house prices down.

"I think first-time buyers are going to benefit hugely. You have first-time buyers who are flavour of the day from house builders who have over-developed massively and now have no customers and so the only people they can possibly look for are first-time buyers," said Paul Holmes from Firstrung.

"If first-time buyers think they''ve got a bargain, then fine, buy it.

"If not, they''ve waited this long so where''s the harm in sitting out the market a little bit longer and watching as this drama unfolds," he continued.