The UK housing market within the city borders of London has been in turbulent waters over the past few months through Brexit negotiation and the possibility of what comes next. This has caused a number of decision makers to place their choices on hold and put many things in a pause position. Although many segments of the demographic of buyers and sellers have been affected through this time, one group has experienced challenges like few others – first time buyers.

The first time buyer group taking a look at the London market of real estate has been challenged over the past few years by inadequate wage growth and increasing property prices. These challenges have led to fewer first time buyer transactions and fewer people reaching the first rung of the property ladder.

First time buyers have been excluded therefore from buying property in the city and making a new place to call home.

Newly released data indicates first time buyers are making a resurgence in the capital city. The city of London saw more first time buyers obtain mortgage lending during the third quarter than any time since 2015.

Q3 saw almost 12,000 first time mortgage loans obtained. This is an increase of almost 3% compared to the same quarter last year. The surge represents an unexpected push of first timers not entirely expected by many housing experts.

Year on year, this is an increase of 6% and places new hope in the hearts of first timers who have felt closed out of the possibility of purchasing property within a reasonable amount of time.