Halifax has recently released its First Time Buyer Review.  In it, the review states it is a prime time for first time buyers as the highest number of available options in towns and cities is now possible.  Not since 2003 has the first time buyer demographic had as many opportunities.  There are several reasons for this including: more obtainable lending, affordable deposits, and greater competition among lenders.

London has once again separated itself from all other areas of the UK in regard to housing property.  The capital city has no property options which are affordable for first time buyers.  North districts tower over the South in relation to having affordable properties for first timers – by a ten to one ratio.

Although deposits remain at elevated levels compared with pre – crisis days, first timers are managing ways to come up with the cash.  Many have resorted to getting assistance from family members.  More than 80% of first time buyers under the age of 30 had assistance with the deposit last year, according to the Council of Mortgage Lenders.  In contrast, almost 40% had help in 2005.

The total number of first time buyers has nosedived in the last four years, to the tune of almost 100,000 during the first half of the year alone.  The total number is down 10% from last year during the same period.  According to Halifax, almost 90,000 first time buyers have been approved during the first half of this year.

Stephen Noakes, Commercial Director of Halifax Mortgages, commented on the negative attitude which currently exists in general, saying: "The significant challenges in raising a deposit and widespread pessimism about the chances of being accepted for a mortgage are clearly preventing some potential first time buyers from even attempting to get on the ladder. However, at Halifax we accept 8 out of 10 first time buyer applications and, as these latest figures show, there are opportunities for those who do want to but their first home."