The current state of the UK housing market

So youre looking in to buying a house as a first time buyer. If you havent got a decent deposit, e.i. at least 10% minimum, you might as well forget it. 100% mortgages are a thing of the past and even 95% are hard to come by. Banks and building societies and not wanting to lend too much money at the moment so are being very choosey who they lend money to.

What can you do? Wait it out and rent is really your only option until the market stabilises.