The latest data regarding first time buyers within the UK housing market indicate the group is committed to gaining access to the property ladder. First time house buyers sought out more mortgage lending than ever before in route to a spot in an allusive space. More than £53bn was lent to property seekers through the course of the year, according to the Council of Mortgage Lenders.

This landmark amount of lending to first timers had significant impact on a market full of uncertainty. The group helped place a stronghold on balance and consistency many experts were only hoping would be present during such a tumultuous time. House prices continued to increase due to the upward pressure the group placed on the market through demand and consumption.

December house prices increased, according to the Office for National Statistics, by more than 7%.

As first time buyers were making offers on houses for sale, many house owners took advantage of low interest rates and exceptional lender deals and chose to remortgage. Now this group is saving significant amounts of money each and every month.

Jeremy Duncombe of L&G Mortgage Club commented on the latest set of figures to surface, saying: “These figures highlight the supply and demand gap, which continues to support runaway house price inflation. For as long as demand outstrips supply, this trend will continue,” said Jeremy Duncombe from brokerage the L&G Mortgage Club.

“The government’s recent Housing White Paper has promised some solutions, including help for smaller developers, but it still feels evolutionary not revolutionary. The topics of stamp duty, planning and the green belt may need to be looked at again if we really want to fix our broken housing market.”