It reports there are still more than 3,000 mortgages available and that there is no need for product innovation.

Nearly one in five of the festive movers admitted they will not be able to meet the expense of the holiday because of the relocation expenses and two per cent are relying on credit cards or loans to afford presents and festivities.

A study by YouGov recently found that upcoming professionals are twice as concerned with debt, retirement and property investment as in the 1980s. They were also found to be more ethically and environmentally conscious.

However gross lending was at £30.6 billion during September, compared to £34 billion the previous month. Borrowing for house purchases decreased from £16.2 billion in August to £12.7 billion.

For those who do not have money in the bank, he claims that 100 per cent-plus mortgages can be advisable for some, especially if individuals are expected to achieve higher income later in life.

In response to the figures, Simon Rubinsohn, chief economist for the Royal Institute of Chartered Surveyors said: "This provides further evidence that the housing market is cooling in response to five interest rate increases and the more recent squeeze on credit."

A survey by YouGov for ROOF magazine found that six per cent of households polled had paid their rent or mortgage costs with a credit card, equating to over a million people.People relying on credit to pay off their mortgages or rent may be making the right move, says the Debt Advice Bureau.

"Families are cutting back on their borrowing and their saving to help ensure they can afford higher mortgage and other household bills," said Sean Murphy, director of strategic planning at Alliance & Leicester.

According to the Financial Times house price index, the average house costs £225,826 and the national average salary is £23,600 which is a ratio of 9.6 to one.

Director of Community Advice, Heather Keates says lenders are not solely to blame. She says people who make the minimum payments on their cards would not show up as a bad risk on credit checks, even if they are stretching their finances to the max.