The Chancellor did not extend a helping hand to hard-pressed first-buyers who do not qualify for keyworker schemes. The stamp duty rates remained unchanged - despite a campaign that highlighted the benefits of a concession both to would-be owner occupiers and the faltering housing market.

This failure to act adds to the pressure now facing twenty and thirtysomethings who cannot take advantage of the Bank of Mum and Dad. In addition, the availability of first-time buyer mortgages deals is now restricted, with the withdrawal of 100 per cent loans and the insistence that applicants must have saved 10 per cent or more of their purchase price.

Stamp duty is charged on the full purchase price of a property starting at £125,000: just 16 per cent of homes are priced below this threshold. Currently, 61 per cent of first-time buyers pay stamp duty; the number paying the higher rate of 3 per cent, for properties valued at over £250,000, has risen to 11 per cent. Halifax figures show that nearly all first-time buyers in the South now pay stamp duty; the average stamp duty bill in London is now £8,675.

Chris Coates, managing director of Galliford Try Homes, said: “The Chancellor is out of touch with the financial pressure facing this group and seems unable to grasp their importance in the housing market.”

Ten things you need to know about... buying your first home

Soaring property prices have made it difficult for first-time buyers to get onto the property ladder. But a slower market could provide new opportunities: find out how to make the most of them

• A step-by-step guide to buying your first home

Related Internet Links

• First-time buyer special

• Property guides

First-time buyers are deserting property market

According to figures, first-time buyers are leaving the property market, with numbers falling by a fifth in the past six months

• Where there’s the will there could be a way

• First time buyers risk negative equity

BACKGROUND

• How to get onto the property ladder

• Useful websites for first-time buyers

• Rise in buyers borrowing five times their income

• Where there’s the will there could be a way

BACKGROUND

• We need more homes

• Grab a home in Tuscany

• Furnished with brainpower

• Auction stations

BACKGROUND

• The home town exiles

• Affordable first-time buyer homes

• First-time buyers face highest mortgage costs in 15 years

• Useful websites for first-time buyers

BACKGROUND

• A problem shared is a problem solved

• Beware of bidding for bargains

• Step on to the property ladder

• Young home-buyers forced into record debt

BACKGROUND

• Wimpey to fight for first-time buyers

• Chic and cheerful

• First rung

• Beware of giving it 110 per cent with your loan

BACKGROUND

• Keep it in the family

• How do I get in?

• The rise of parent power

• Pester power

Related Links

• What the Budget means for property investors

• Budget 2008: Help for key workers

Jonathan Cornell, director of Hamptons International, the mortgage broker, explains that some lenders such as Halifax and Nationwide remain aware that they have an obligation towards first-time buyers, but, although they would like to help, they, like other banks and building societies, are constrained by the shortage of funds as a result of the credit crunch.

One option now open to those determined to find a place of their own is to take advantage of incentives being offered to tempt buyers into new developments.

Marybeth and Avis Frank have bought their first home at a Bryant Homes' development in Northolt, northwest London, with help from the developer. “We had £10,000 saved up but still found it hard to find something affordable,” Marybeth explains. So the twins were relieved to learn that Bryant was offering to pay a £10,000 deposit as well covering the stamp duty on their new two-bedroom flat. Marybeth adds: “We have a sizeable mortgage and it is quite a stretch even with our two salaries, but at least it is our own place.”

The financial discipline that these sisters have learnt must become a way of life for anyone hoping to buy their first home, as Melanie Bien of Savills, the mortgage broker, explains: “If you have a lot of debt - credit cards, overdrafts, etc - try to clear it. More lenders are looking at affordabilty criteria rather than strict income multiples when deciding how much you can borrow, which means they take into account the levels of debt, as well as your salary.

“It is also worth checking your credit record with Experian or Equifax to ensure all entries are correct: if someone has been making fraudulent applications for credit in your name, for example, this could seriously harm your credit history and affect your ability to get a mortgage. You should also be aware that if you miss a payment on a credit card this will be marked on your file, so try not to be careless about such commitments.”

Jonathan Cornell also has some advice to anyone who wants to climb onto the housing ladder in this new tough climate. “Forget the new plasma TV screen, and even the holiday: just keep on saving”.

Times recommends

• Second homes: credit crunch casualty or money-spinner?
• How I built my own sliding house
• Top 10 incentives for house buyers