Here is the good news.Base rate stays at 0.5 % and more FTB mortgages are available.

On November 5th 2009, the Monetary Policy Committee decided to maintain its base rate at 0.5 per cent for the eighth consecutive month.
Lenders are becoming more lenient with their deposit requirements, according to Moneyfacts.
Since the Bank of England first cut interest rates to a historic low of, 0.5 per cent in March 2009. Financial institutions have started to increase the number of high loan-to-value (LTV) products on their books.
The number of products requiring a 15 per cent deposit had increased from 169 to 231 while the number of mortgages requiring ten per cent of the property value in advance had risen by 16, to 105.Source Moneyfacts
Lenders seem to be getting a bit more comfortable now that property values are levelling out and are prepared to advance to a higher value.
This should allow a greater number of first-time buyers to access the property market.