The ability for first-time buyers (FTBs) to get on the property ladder has become a lot easier in the last two years, according to an expert.

Martin Ellis is a housing economist for Halifax and said affordability has "improved substantially" since 2007, thanks to reduced mortgage rates and lower house prices.

His comments came as the most recent Halifax First-Time Buyer Annual review was published, showing that while six per cent of local authority areas were within the budget of someone earning an average salary in 2007, this number rose to 24 per cent between 2008 and 2009.

Despite positive developments in the sector, "the tightening in lending criteria over the past two years is, however, making it very difficult for some to take advantage of lower property prices and mortgage rates", Mr Ellis added.

Those who want to take advantage of the currently low national rate of interest could benefit from shopping around and finding a competitive deal.