End of 100% Mortgages?

I'm finding it ever more difficult to source 100% mortgages in the current market.
Where as 5 years ago most first time buyers had a deposit of 5% or more, in today's sky high property prices clients are struggling to come up with the deposit.
100% mortgages, a relatively new, mortgage product in the UK were aimed at solving this problem. They would often allow first time buyers the ability to purchase a property without the need of saving for a deposit. They are even mortgages offering 125% of the loan amount.
Unfortunately with the current credit crunch effecting the LIBOR mortgage rate and banks fearing mortgage arrears many lenders have either withdrawn from the market or increased the checks made on borrowers. It is a very difficult time for first time buyers and this will undoubtedly have an effect at 2nd and 3rd time sellers.
My advice to first time buyers is to save for 6 months and come up with 5%, if your not in an ability to save a deposit the question will be raised on how you can afford mortgage and insurance payments along with all other associated costs such as furniture, conveyancing, etc.