House price growth has been meteoric for the past several years. Lending criteria has become more difficult for the everyday resident to secure a mortgage, whether it is their first purchase or third. On top of these two challenges, supply of houses available for sale is down and is expected to remain below the goal rate for some time. Overall, it is tough currently to purchase a home in this climate. However, new data suggests lending for first time buyers has increased.

Figures from the month of October indicate first time buyers made up a larger percentage of borrowers within the mortgage market. In fact, first timers claimed a larger share of overall lending in the month by more than 2% compared with September. During the month of October, first time buyers made up 24.6% of all mortgage lending compared with 24.2% in the month of September.

House price growth has become less robust in recent months creating the need for smaller size deposits. Couple this with fewer transactions and the market is more first time borrower friendly.

Lenders are also making it possible for many to obtain funding at this time. The selling season has come to an end and those who do reach the approval phase for mortgage lending are not one of many, but one of not so many.

First timers must have a strong presence within the UK housing market for the health of the market to be not just strong today, but stronger tomorrow. Lenders are making this happen by continuing to offer deals heavy with incentives along with low interest rates.