First time buyers could be facing the toughest times ever when it comes to purchasing a new property. UK house price growth has been in overdrive mode for months now pushing prices higher and higher. Inflation is another factor in opposition to the group looking to purchase their first home. Add to that wage growth, which is not helping matters at all. When compiled, these barriers add up to one thing for first time home buyers. This could be the biggest challenge they ever face buying a house.

First time buyers are quite an important demographic in the big picture which is the UK housing market. They are not only the today of the market, but they are the tomorrow and next year of the market. If this group does not succeed now, who will take the reins? Who will be purchasing flats which are placed on the market for sale?

Enter rental property. Rental property is now the official Plan B for those in search of a property. If finding enough for a deposit from the bank of Mum and Dad does not work out, rental property saves the day. First time home buyers are able to find relief immediately and settle into rental property in a matter of days. Spending some time living in rental property may not be the worst thing for many first timers, either. It gives them time to save a significant amount for a deposit on their first property. It is also living in the real world which is completely different from living under the roof of Mum and Dad.

After first timers purchase a property, it is not long before a remortgage becomes the appropriate next move. Currently, remortgage activity is strong and expected to remain that way, according to many close to the housing market. Interest rates are low and lender competition is intense enabling borrowers to find a deal to help them save money off the cost of the monthly mortgage payment.