PEOPLE already on the housing ladder have good reason to celebrate a buoyant property market.

With mortgage rates remaining at a relative low level, homeowners are reaping the rewards of a sound investment in bricks and mortar.

The downside of rising prices, however, is that those wanting to get on the first rung of the property ladder are struggling to do so.

Nationally, the number of buyers entering the market for the first time is at its lowest for quarter of a century.

Even in the North-East, where house prices remain lower than in most parts of the United Kingdom, the difficulties facing first-time buyers are immense.

Just three years ago, one in two houses in the region were within the reach of average first-time buyers. Today, only one in 20 are affordable.

Housing market trends, of course, are dictated by the historic economic laws of supply and demand. They can not be influenced significantly by Government policy.

The only tangible option available to ministers is to look at Stamp Duty. At present this has a £60,000 threshold, which in today's market covers the vast majority of house sales.

In his forthcoming Budget, the Chancellor must address the growing crisis facing first-time buyers and target help their way.

One way of helping to put house purchases within the reach of first-time buyers would be to increase the Stamp Duty threshold to reflect the steep rise in prices.