Lenders have been urged by Galliford Try Homes to follow the lead the government has provided for improving the flight of first-time buyers.

The raising of the stamp duty threshold to £250,000, exempting first time buyers from paying the tax on properties for sale up to this price, has been a welcome move, says Ian Baker, group managing director for housebuilding at Galliford Try Homes, but he argues that it is mortgage lenders who now have to add their weight to the affordability crisis.

He said: “Lenders should now look again at their high borrowing criteria and make constructive moves of their own to help this group of willing and able buyers on to the property ladder. It has been left to housebuilders to offer schemes like our own shared equity Easystart option or the Government backed HomeBuy Direct equity loan initiative to stimulate the market for buyers with limited deposits.