The UK housing market is currently in a wait and see mode for most potential buyers.  The wait and see part of the market is whether or not the Bank of England will raise the base rate and create a domino effect rippling across the country.  This domino effect will include banks both large and small raising their interest rates on both fixed mortgage deals as well as variable rate deals.  This collective pause in making a buying decision is affecting every group of buyer except the first timers who have gone the extra mile to purchase more property without waiting on the Central Bank.

First time buyers are currently the hottest group purchasing property in the UK.  An increase of almost 30% in first time buying has taken place this year with schemes such as Help to Buy as being the main cause.

Almost 150,000 first time buying transactions took place in the first half of 2014.  This figure is an increase from almost 116,000 during the same period of 2013, according to LSL Property Services.

There are several causes for this first time buying frenzy.  The Help to Buy scheme, low interest rates and more first timers with bigger savings amounts are just three reasons they are gobbling up more property right now.

David Newnes of Your Move and Reeds Rains commented on the current state of recovery the UK housing market is finding itself in, saying: "The bottom of the market continues to recover, even as activity further up the price bands is beginning to show signs of slowing down. Lenders have been more willing to lend to higher loan-to-value borrowers."

Newnes continued: "Help to Buy has boosted confidence and with it demand among first-timers who have been carefully saving up for their deposit. But the new loan-to-income caps could have a stifling effect on the first-time buyer market.

"They have understandably been designed to prevent too much 'risky' lending to borrowers with smaller deposits, but they need careful interpretation to ensure they do not cut good buyers - with realistic and very affordable borrowing expectations - out of the market."