David Cameron is to allow 1.3 million families the dream of owning their own home by extending the Right to Buy scheme first started in the 1980s.
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The Council of Mortgage Lending report shows house purchases have declined 16%, a greater amount than expected due to the election.
Mortgages taken out by home buyers increase says Bank of England although house prices slowed for the seventh month in a row.
The Chancellor is to give all first time buyers up to £3,000 when they save towards their deposit into a Help to Buy Isa to buy a home.
UK house prices have reduced by 0.3% in the last month while surveyors have reported a fall in the housing stock coming to the market.
Data from the CML shows that 52% of first time buyers received financial help from the ‘bank of mum and dad in 2014 to buy their first home.
The government’s Help to Buy scheme finishes at the end of 2016 and should be replaced to ensure competition in the housing market.
Deposits from buy-to-let landlords have increased by 15% to an average £100,000 compared to struggling first time buyers.
Annual house prices in the UK have slowed from 6.8% to 5.7% in February for the first time in five months decreasing by 0.1% during the month.
New data from the English Housing Survey shows the number of outright homeowners is greater than those buying with a mortgage.