Deposit deterring many from owning home

One family struggling to get on the housing ladder spoke to ITV1's Daybreak about the problems they face. James and Sarah live in Stratford-Upon-Avon with their 8-month-old son. Despite wanting to own their own home they have no choice but to rent because they can't afford a deposit. James said:

"At the moment you need minimum 10% if not 15% to 20% deposit to get a decent mortgage rate. And with the price of properties you're looking at £25,000 upwards which is a big sum to save up for people."

James and Sarah live at the rented property with their young son
James and Sarah live at the rented property with their son Henry Credit: Daybreak

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New first-time buyers scheme

A new scheme to help first-time buyers get on the housing ladder is being launched. ITV's Tonight programme has been told Britain's housing market is facing a "perfect storm" with potential buyers and sellers left in limbo and prices flat lining