The current turbulence in the property market has led the Association of Mortgage Lenders (AMI) to ask the government for a mortgage budget.

According to the group, the effects of the credit crunch mean that fewer people may be able to get a mortgage, with those that do having to pay an inflated sum for them.

Commenting on the issue, Richard Farr, director of AMI, said: "We believe the government should provide a boost to the market and support to consumers who will face a difficult period with tens of thousands of people coming off fixed rate loans in the next year."

Additionally, the group has asked the government to address the issue of stamp duty, thresholds of which have not risen in line with property prices, and have asked the government to consider the "feasibility of exemptions" for first-time buyers given the difficulties that they are currently facing.

"Stimulation of the first-time buyer market would provide a boost to the entire housing chain," concluded Mr Farr.

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