The unrelenting rise in UK house prices leaves many first time buyers faced with a situation of average house prices being up to 10 times average income.
The most general mortgage multiple by major banks is at the moment 5 times income. This mortgage lending is based on new criteria of affordable lending.
If a first time buyer wanted to get a mortgage equal to 6 times income, they would probably have to use a non conventional mortgage such as self certification mortgages.
To get a mortgage equal to 7 times income or more, it is likely a borrower would feel inclined to exaggerate income (lie) or save a huge deposit, or ask parents to ask as a guarantor.
The future looks bleak for future first time buyers as the high house prices are merely a reflection of demand being much bigger than supply.
To reduce house prices to affordable levels would require a big increase in the number of affordable housing being built. However, this is unlikely to occur given the restrictions placed on the building of new houses.