First time buyers face raising an average deposit of £24,189 to get on to the property ladder.
A study by the MaxTen Campaign says the average price for a flat in Biggleswade is now £120,943 - with mortgate lenders demanding an average 20 per cent deposit.
The campaign, launched by the country’s largest online estage agent Emoov.co.uk, says that average earners in the area would find it ‘virtually impossible’ to save up such a massive deposit.
Now MaxTen wants the government to step in and force lenders slash deposits by half, capping them at just 10 per cent for first time buyers under the age of 30 who are in work and debt free.
And the campaign has already been granted an official e-petition.
If it can win 100,000 backers, it will force a debate in Parliament.
Emoov managing director Russell Quirk says the “belt and braces” approach by lenders is strangling the housing market and putting home ownership beyond the reach of young people.
He said: “It is soul destroying for people just trying to buy a home, 99 per cent of whom will never miss a payment on their mortgages. The lenders know that but they are either being exploitative or just too fearful in demanding big deposits.”
“There is now no logical or economic reason why deposits for first-time buyers have to remain so high. The worst of the property crisis is well behind us now. Most of the bad debt and bad borrowers have been flushed out of the system, and nowadays applicants are also much more conscious of the need to save for a house and keep away from debt.
“Ten per cent should be enough to satisfy any lender that the applicant is sensible. And if they’re in work and debt-free there can be no rational reason for their application being refused.
To support the petition, visit Emoov.co.uk/maxten
Have you found it difficult to get on the property ladder? Email editorial@ biggleswadechronicle.co.uk