There were 310,000 first time buyers in 2015 according to the Halifax with an increase in the number taking 35 year mortgages.
Property prices are up 9.5% in the year and a further decline in the number of homes for sale will keep the an upward pressure on prices.
New research by the Resolution Foundation finds the average first time buyer takes 24 years to save enough deposit to buy their home.
Homebuyers in London are to benefit as the government improves Help to Buy and removes restrictions for Shared Ownership scheme.
People struggling to buy their first home are given a helping hand with the Help to Buy Isa free from tax and up to 4% interest.
Landlords of buy-to-let properties must pay much higher stamp duty land tax following the chancellor’s Autumn Statement.
House purchase loans were 9% lower for the month of August according to the CML as remortgage buyers reducing by the largest amount.
Figures from the Council of Mortgage Lenders show mortgage lending has recovered since the election and reached a seven year high.
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