First time buyers remain a pillar of strength for the base of the future of the UK housing market. Until recent changes due to government programmes, it has been quite difficult for first time buyers to reach any part of the housing ladder. Help to Buy along with recent changes brought about from new stamp duty rules implemented in November of last year are making it more possible than ever before for new buyers to enter the housing market and be successful doing so.

The future of the housing market is brighter due to recent programmes implemented by the UK government. Last year saw a marked increase in the number of first time buyers in the UK housing market. The total of first timers during the twelve months of the year in 2016 was 340,000.

Last year, that figure increased to 1,000 new home buyers per day, totaling 365,000. This represents an overall increase of 7.4%. However, as the year progressed and ended in December, that figure dropped compared with the previous year.

In December of last year, first time buyers totaled 30,800. In the same month of 2016 that figure was 5.2% higher. The total amount of lending for the year 2017 was £5.1bn, a year on year decrease of almost 2%.

Remortgage of new homeowners was up however, which is quite in line with overall remortgage activity during the year 2017. Remortgage of new homeowners totaled 30,500 which is an increase of 7.4% year on year. Many homeowners found the great number of benefits provided with remortgage and took advantage of low interest rates.