UK economic news of last year has taken its toll on many, especially those who make forecasting part of the daily grind. Uncertainty has become the highlighted word of the day and affected the decisions of many looking to commit to a life changing decision within the market. First time buyers are among those most affected and house prices have proven to be unkind, starting last year.

According to Halifax, growth in house prices for first time buyers has now reached a new atmosphere. Prices for this challenged group have now eclipsed the £200,000 threshold, and that is everywhere except the city of London. Prices for first timers within the city limits have surpassed £400,000.

Sky News commented on the affect the latest high cost of properties has created for first time buyers and the average deposit, saying: "In 2006, the average first-time buyer deposit across the UK was £15,168, but now it is £32,321. In London, a first-time buyer's deposit is over £100,000 on average, assuming they can also cover moving costs and stamp duty."

Although the first time buyer deposit has reached stellar heights, first timers are grabbing spots on the property ladder at a very fast pace. Those first timers completing a purchase during the year 2016 reached a level not seen since the economic crisis. More than 335,000 purchases were completed. This is the highest number of completed purchases in almost a decade.

Remortgage transactions are also continuing at a high level and it is estimated this trend will remain until at least the conclusion of the first quarter of this year.