First time buyers are maintaining their high level of interest in owning a home as the number of those buying a first residence continues to climb.  This group is able to afford new homes with recovering wages as well as affordable house mortgage deals.  Mortgage lending to first timers is at the highest level in more than six years and is growing each month even though house prices continue to climb.

The Council of Mortgage Lending posted the highest number of loans to first timers since the last month of 2007.  This is an increase of more than 7% since May.

The average house deposit is also growing for first time buyers.  In June, the average house deposit increased to almost £31,000.

Henry Pryor, housing market analyst, commented on the current house mortgager, saying: "September will see many homes that didn't sell before the summer remarketed, many with reduced guide prices all of which will temper the final headline figure at the end of the year. With the half time results on mortgage approvals now in I expect volumes in 2014 to be up by over 10pc and prices on average to be a more sustainable 6pc up on the start of the year.

"It is interesting to see that from these figures it doesn't seem as though controversial Mortgage Market Review which took effect in April has struck down mortgage lending like the predicted dose of Ebola many had predicted perhaps. However, MMR is having a significant impact in the time it is taking many deals to go through leaving many homeowners frustrated in their attempts to move. This may get better as the system beds down but for now agents report this as a major drag on the market.”