FTB numbers rise in January

There was an increase in the number of first time buyers (FTBs) who entered the market in January.

Figures from Spicerhaart Financial Services reveal that more FTBs chose to buy a property in January, compared to December.

A month-on-month rise of two per cent was recorded, with FTBs accounting for a third of all purchasers.

It is thought that the rise was largely down to December's cut to the base rate of interest, which helped to fuel confidence among new buyers.

Interestingly, Spicerhaart also revealed that fewer people were able to get their hands on large loan to value (LTV) mortgages, meaning buyers were forced to pay bigger deposits.

"When looking at this drop in high LTV mortgages, it is interesting to note the increase in first time buyers," said Steve Cox from the firm.

"Those just starting on the property ladder have been encouraged by the drop in the base rate, but have not been put off by the need to put down a larger deposit.

"It is this sort of confidence which is essential to reignite the property market," he added.

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