Prospective first-time buyers in London are struggling even more to get into the housing market, an industry expert has claimed.

According to Paula John, editor of Your Mortgage, consumers in the capital are having to wait an average of five years before they are able to save up enough cash to purchase their first home - a rise of some 11 months from a study conducted last year.

In research released earlier this week, just under half of consumers who have taken out personal loans were reported to be open to the thought of taking on more debt in the future. According to a study by Motley Fool, three out of seven respondents claim they would borrow again. And although 60 per cent said they are determined to never take out credit in the future, a quarter believed that they could 'never say never'.

Residents living in London are the most eager to get on to the property ladder, the release of new figures has indicated.

In research carried out by mform, just over a third (35 per cent) of adults living in the capital are looking to take out a mortgage within the next three years. However, with the city reported to carry some of most expensive property prices in the country, findings by the online mortgage provider indicated that some 11 per cent are aiming on taking out a secured loan worth more than quadruple the amount of their yearly salary - the highest proportion of such borrowers noted in the country.

First-time buyers are taking out increasingly expensive loans in a bid to get on to the property ladder, a new study shows.

According to data released by Abbey, the typical first-time buyer now has a mortgage of some 130,000 pounds - almost twice the amount of the 75,000 pounds average taken out in 2003. Meanwhile, more than half of consumers (53 per cent) surveyed are said to have opted for secured loans worth more than 150,000 pounds - up by 16 per cent compared to four years ago.

House price growth continued to slow over the course of last month, according to new figures.

Research carried out by Halifax indicated that during July, property prices increased by 0.7 per cent. Consequently, the month was said to be the fourth in a row in which the value of houses rose by less than one percentage point. With the average home now reported to cost 198,915 pounds, house prices have risen by just 1.

Britons need to take greater control of their finances, an industry expert has advised.

According to Susan Hannums, savings manager for AWD Chase de Vere, borrowing via credit cards and personal loans continues to be an attractive option for many consumers. However, with the Bank of England's monetary policy committee raising the base rate five times over the last 12 months, those struggling to manage their outgoings as pressure on their finances steadily increases were advised to seek help as soon as possible.

The majority of British borrowers have unrealistic expectations as to how long it will take them to complete making repayments on their debts, a new study suggests.

In research carried out by the Motley Fool, the average consumer expects to have cleared their debts in three years' time. However, the financial services firm claims that in reality credit cards and personal loans will not be paid off an average for seven years and seven months.

New research has suggested that the famous British reserve is still firmly in place across the UK, with many people holding back from discussing money worries and the possibility of debt consolidation loans with professionals when they find themselves in financial difficulty.

According to new research carried out by the Legal Services Commission, Brits are four times more likely to discuss their money worries with friends, family, or no one at all than to seek out professional help on the subject.

The number of people set to be denied credit through mainstream lenders, prompting them to seek bad credit loans, is set to increase in the coming years, it has been suggested.

A report from Datamonitor published today reveals that, while the number of people unable to get credit by traditional means stood at 7.0 million last year, it is set to increase to 8.

Drivers lack confidence when it comes to buying a car, a new study suggests.

In research released by AA Insurance, 80 per cent of those looking to get a vehicle claim that they would not make their purchase from an independent used-car company for fear of coming across an unscrupulous dealer "and leaving with a banger rather than a Bentley".

Millions of parents are helping their grown-up children pay off their debts, new figures reveal.

In statistics released by MoneyExpert, some 40 per cent (7.5 million) of adults with grown-up children have given their offspring aid to either pay off completely, or to contribute a payment towards, money owed on utility bills, loans and other areas of financial demand.