The number of first-time buyers making it onto the property ladder in Wales has reached its lowest level since records began, new research shows.

According to the Council of Mortgage Lenders (CML), 600 loans were granted to first-time buyers in the country in August.

The figures show homeowner loans in Wales have fallen by more than half since the property market peaked in August 2007, when 1,400 mortgages were sold to customers.

Mick McGuire, director of CML Cymru, told Wales Online: "Clearly, the housing market and the level of activity is at a historic low."

"People have collected figures since the early 1960s, and this data reflects the worsening of both the financial market and people''s ability to arrange mortgages," he added.

According to Sky News, the biggest price drop in the country has hit a flat in Folkstone, which has been reduced in price by 40 per cent from £125,000 to £75,000.

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