It's been a tough time for first time buyers over the last 18 months. We keep reading reports that the housing market is on the up, prices are rising since the latter part of last year and house prices are gradually regaining their buoyancy. But still it's a tough time for first time buyers to get onto the property ladder.

This is down to a number of factors. Although interest rates on lending has been slashed to an all-time record, and show no signs of increasing in the foreseeable future, first time buyers are finding it very hard indeed to get a mortgage. Lenders are demanding huge deposits, typically between 15 to 25 percent of the loan. This means that first time buyers have to save very hard to even get a foot on the property ladder rung.

However, the mortgage situation seems to be getting better than it was last year, with the number of loan-to-value mortgages available jumping to 22%. Some lenders are offering 90% of mortgage funding; however there is very careful and strict credit-scoring criteria, to ensure that borrowers can afford the mortgage. Maybe this should have happened a few years ago when mortgages were much easier to get and affordability criteria was dubious, as mortgages were being given to up to six times the salary.

Therefore, the only hope for many first-time buyers is Government-backed affordable housing schemes. These often offer really good incentives such as cash bonuses, legal fees paid, stamp duty paid, additional features in new-build developments and many other incentives to entice first time buyers into the market. There is also the opportunity to have an interest-free loan with some developer schemes. This means that a first time buyer can have a new home for up to 75% of the price, and pay back the remainder with a developer's interest free loan within a certain period of time with no interest. If buyers choose to sell their property before this time, they can do so, they will just need to pay back that loan at the time of resale.

Developers of affordable housing are actually offering more and more incentives to sell their properties, making sure that they attract first time buyers in an already slow market, and giving good deals in the process. This makes it a great time for first time buyers with a good deposit to really look around and get a good deal.

Some developers have also dropped their property prices in order to sell them quickly and have less housing stock on their books. These properties offer really good value for money, much cheaper in price than 28 months ago when housing prices, including affordable housing, were at their peak.