Cash buyers for property are becoming a scarce commodity across the UK. While in the past people were eager to put down cash for property in order to secure a good investment, the focus has now shifted to sitting back and waiting for the property market to stabilise.

While cash buyers for property think they have got it bad, first-time homeowners looking for a mortgage have got it even worse. Tightened credit conditions have led to serious problems in the property market, and the number of mortgage approvals continues to fall.

Tags: credit crunch, first time homeowners, mortgage approvals, scarce commodity