Overall health of the UK housing market has always resided in one area. The number of first time buyers has always been a sign of a market thriving or just sliding by. According to the latest research, first time home buyers are not only exceeding many expectations within the market, but they also now make up the largest group of mortgage holders. Data indicates they are now the largest number of property owners for the first time in the last two decades.

First time home buyer activity is exploding. For the first time in more than twenty years, first time buyers make up the largest group of property owners. Some housing experts are not surprised at this fact due to the great number of attractive deals available from a number of well-known lenders. Property buyers are finding this to be quite a borrowers’ market currently.

Low interest rates, high numbers of incentives, and even cash back are all coming together to form a market which leans heavily in the direction of those seeking mortgage lending.

First time buyers totaled more than 370,000 in the year 2018 which was a number 2% higher during the last twelve months, according to data from Halifax.

Just 10 years ago, first time buyers accounted for 38% of all mortgage holders. Now, they account for 50% of all mortgage approvals.

Although property prices continue to increase, the amount of deposit has decreased since the year 2009 from 20% to 15% last year.

First timers face numerous challenges in today’s housing market, but with lender incentives and a number of home sellers ready to sell prior to Brexit, the first time home buyer sector should remain active for some time, according to home experts.