Housing market data is official for the month of May. First time buyers made a statement during the month as an increase year on year of more than 8% compared with the same month last year was posted. First time buyers accounted for 32,200 new mortgages. This figure indicates the housing market is experiencing a rebalancing in the eyes of many close to the market. The number of new mortgage loans obtained once again decreased.

First time buyers are now showing more ability to gain access to the property market. Government schemes like Help to Buy are making it possible for the group to reach the first rung of the ladder with the assistance to purchase provided by the government. Shared ownership is also making it possible for first time buyers to gain access.

The average age of the first time buyer is now 30 with an annual income of £42,000. They purchase a home with an average mortgage of £142,452 and a loan to value of 85%.

As first time buyers increased in number during the month of May, so did those seeking remortgage. The year started strong with the number of house owners obtaining a remortgage in the month of January totaling 50,000. This set a standard which had not been reached in almost a decade. Interest rates and lender competition have remained the same since then and therefore remortgage activity has remained strong.

The housing market remains subdued in many sectors, but first time buyers and house owners remortgaging indicate there is success with some areas continuing their move forward.