Why I'll never get on the property ladder

Mortgage providers are demanding impossible figures for house deposits and with private rent soaring, Rebecca Rutt asks why the government is not doing more to help out first-time buyers.

I've given up on buying my first house any time soon as I'm nowhere near having enough money for a deposit.

The average chunk you need now stands at 20%. With my monthly outgoings eating up most of my paycheck it'll take me a long time to save this. So I was excited when the government announced a new low-deposit scheme.

It promises to allow people to buy a home with deposits of just 5%, and then the government will underwrite part of the risk so that lenders won't lose out if it's sold for less than the outstanding mortgage. But although it sounds good - there are no concrete plans on how it will work.

For a start, we don't know who will be eligible. All we know is that it will only be available to 100,000 people – hardly helping the majority of us. It also doesn't say what mortgage rates will be available. Yes, a low deposit would be great, but a high rate could be crippling. And it will only be valid on new builds.

It all seems like a lot of hot air to me if I can be honest. Prospective buyers are being priced out of the market and nothing will change unless the government starts taking real action. So stop fobbing us off with wishy-washy schemes and empty promises!