More and more news is coming out about the credit crunch and how this is affecting people gaining the loan they require. 

For the first time buyers taking out a secured loan (mortgage) is becoming a near impossibility as lenders are demanding large deposits which we simply do not have.

Vicky Redwood a UK economist at Capital Economics stated most households have been disrupted by the credit crunch.

The big question is how does the near future look and to be honest it looks a bit bleak, Vicky Redwood went on to say  "For the next few months this trend will continue, certainly, because of the continuing problems in the money market".

Not good news for us wanting a loan or wanting to take our first steps onto the property ladder. The Bank of England stated in its credit conditions survey that the availability of secured credit has dwindled in the past three months.

So the advices being given is sit tight and see where the market is within a few months.