Since stamp duty was abolished for first time buyers with homes valued under £300,000 total savings have amounted to £284 million.
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The government should give first time buyers loans for their deposit to buy their homes to create a culture of home ownership.
London house prices exceed first time buyer annual earnings by 13 times and is more than twice the multiple of the North East.
Residential mortgage numbers have reached a new high and of these 40% are offered without arrangement fees from lenders.
The number of home movers have dipped to under half of all house purchases and now behind first time buyers for the first time since 1995.
The number of first time buyers increased 20% for the month and up for the year even though higher house prices limit affordability.
There are some 3.9 million people across the country plan to release equity from their property to fund their lifestyle when they retire.
Regional cities have higher house price growth and narrowing the gap with London as the capital struggles to make progress.
Growth in house prices fell to its slowest pace with ongoing pressure on household budgets and subdued economic growth.
Lenders are eager to attract long term business with competitive five year fixed deal only slightly more expensive than shorter term rates.