So what does this mean to the already stagnant housing market? Well, it quite clearly shows that people are not buying homes like they used to in the boom years. Looking closely at the data it shows that 10,500 First Time Buyers (FTB) had an average of 80% Let To Value (LTV). First time buyers are what drive the property market and without them the market will continue to stagnate.

Demand for mortgages has fallen off a cliff, according to the January figures, less than 0.05% of the UK population took finance to buy a home. With lenders requiring larger deposits and sellers not lowering their asking prices it can only mean one thing – a stalemate.

With interest rate rises just around the corner, high inflation and first time buyer’s unwillingness to take on a huge debt in the middle of a recession it looks like the stagnation of the property is set to continue.