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 First-time buyers (FTBs) are struggling to get onto the property ladder to such a degree that many are forced to borrow more than five times their salary.
New research reveals that 56.65 per cent of adults who intend to take out a mortgage in the next three years will need to borrow more than three times their income.
This could cause real problems for borrowers in the future and with interest rates likely to rise again in the coming months, many could find themselves defaulting on payments very quickly.
The firm behind this latest research, mform, says that FTBs are having to choose between not owning a property and getting themselves into debt in order to own one.
"Many people now have to borrow more in order to buy their next property," said Francis Ghiloni from mform.
"Indeed, we estimate that the average mortgage holder now pays over £7,000 a year on their mortgage, a rise of over £2,000 since 2004."
With this research in mind, it is no surprise that the Building Societies Association has reported a drop in mortgage lending figures as consumer confidence plummets.
The UK's leading fast purchase property firm says there are a quarter less buyers in the marketplace.
National Homebuyers director Julian King says, "First time buyers traditionally accounted for 45-50% of all property transactions, I anticipate this will be more like 25% by the end of this year.
"This means that there are a quarter less buyers in the marketplace. This is a very real problem that needs to be addressed".
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National Homebuyers is the UK's leading quick purchase property firm, buying thousands of houses from vendors needing a quick sale. King's comments come at the same time as property website Firstrung's CEO advises first time buyers that now is not the time to buy.
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