First-time buyers will get more help to get a foot on the property ladder this year because of new initiatives, according to the Building Societies Association.

Paul Broadhead, head of mortgage policy at the body, said that while there are still many issues restricting people's ability to purchase their first property, schemes such as the government’s new Get Britain Building scheme will help.

"The size of the deposit that they need to raise is a barrier to them getting on the housing ladder…but things are being done to try and help alleviate some of those barriers," he said.

“People may well be able to get mortgages on new-build properties with smaller deposits of five per cent as opposed to ten or 15 per cent, which has been causing a barrier. That will certainly help.”

Housing minister Grant Shapps recently estimated that the government's £420 million Get Britain Building Fund will create as many as 16,000 new properties on sites which have previously stalled due to economic circumstances.

He also suggested that around 30,000 new jobs will be created as part of the project.