LONDON, July 18 (Xinhua) -- About 74 percent of Britain's potential first-time buyers are abandoning plans to get on to the property ladder due to the current housing market downturn, Sky News reported on Friday.

    It is said that these people were putting plans to buy their first home on hold due to the current conditions in the housing and mortgage markets, Moneycorp, a foreign exchange group was quoted as saying.

    A third of those questioned also said they had tried to buy a home during the past six months, but had been refused a mortgage.

    The credit crunch has caused lenders to tighten their lending criteria, with 100 percent mortgages disappearing and 95 percent ones becoming increasingly scarce.

    Most mainstream lenders are now demanding deposits of at least 25 percent in order for borrowers to qualify for their best rates.

    Around 44 percent of first-time buyers said they were now seriously considering buying a property abroad and continuing to rent in Britain in a bid to take advantage of cheaper house prices overseas, with Spain being the most popular choice, followed by France and the United States.