In May, first time buyers (FTBs) made up 24% of the total number of people buying properties in the UK, according to figures from the National Association of Estate Agents (NAEA).

This is a slight increase on the previous month, but the need to raise a large deposit due to lenders' unwillingness to lend more than 90% of a property's value continues to constrain the number of young people able to get on to the housing ladder.

President of the NAEA, Wendy Evans-Scott said: "Demand for property remains consistent but the barriers to buying are proving impossible to overcome for the vast majority of consumers. Our members have likened the housing market to an obstacle course, with many falling at the first hurdle as the finance required to buy just isn't available."

The problem is particularly acute for anyone who cannot call on their parents or other family members for help with a deposit.

Fortunately, however, cash-strapped youngsters looking to buy their first homes can find help through various schemes run by both the government and the banks. The government has launched the FirstBuy Scheme, which goes live in September and is specifically designed to help those struggling to buy their first home due to the need for large deposits.

It involves more than 100 housebuilders - including household names such as Barratt Homes - that have pledged to offer their new-build homes with 20% equity loans provided by the government.

FTBs who can provide a 5% deposit will therefore be able to take out a 75% mortgage through lenders such as Halifax and Nationwide Building Society, enabling them to buy sooner and get better rates than those with only a 10% deposit. The 20% equity loans will then be repaid on resale of the property.

Housing Minister Grant Shapps said: "With 80% of young buyers depending on parental help, I am determined that we pull out all the stops to help those who want to take their first steps onto the property ladder."

This is by far the only scheme available to help FTBs, though.

What other help is there?
As long as your household income is not more than £60,000, you can also enter into a government-backed "shared ownership" agreement under which you buy a share of a property and pay rent on the remainder – until you can afford to buy it.

FTB schemes led by lenders, meanwhile, include the recently launched Lloyds TSB local Lend a Hand, which involves local authorities putting money in an interest-bearing savings account with the bank as security on FTB purchases made with a deposit of just 5%.

But whatever help you get, you will still need to take out a mortgage.

What are the best FTB mortgage deals?
As mentioned above, the higher the deposit you can raise, the lower the interest rate you will pay on your mortgage.

For lucky FTBs who can provide a deposit worth 35% of a property's value, for example, First Direct has a two-year tracker deal with a current pay rate of just 1.99% and a fee of £999.

And if you can muster a 25% deposit, Market Harborough Building Society is offering a two-year fix with a rate of 2.75% and a rather larger fee of £1,995.

For those with a 10% deposit, however, the best deals are from Yorkshire Building Society, which has a two-year fix at 4.79% and a three-year fix at 5.29%, both with a £995 fee.