TWO-THIRDS of first-time buyers say they have given up hope of ever getting on to the property ladder, a survey showed today.

Around 65% of people said despite record low interest rates and house price falls of more than 20%, they still did not think they could ever afford their own home, according to website PropertyLive.co.uk

Only 5% of first-time buyers think they will get on to the property ladder within the next year, with 10% hoping to do so within two years.

But one in 20 people think it will be at least five years before they will be able to buy a home.

Peter Bolton King, chief executive of the National Federation of Property Professionals, said: “With banks still refusing to lend and the Government doing practically nothing to help first-time buyers, it’s little wonder that so many people have given up hope.”

Potential buyers in Norwich are the most pessimistic, with 92% admitting they do not think they will ever be able to afford to get on to the housing ladder.

Even in Sheffield, where buyers are most optimistic, 47% still do not think they will manage to buy a house.