According to a recent report there has been a rise in the number of enquiries for mortgage advice from first time buyers of late, and this has been seen as a sign of recovery in the property market.

The number of enquiries from first time buyers is said to have peaked in September, and some industry officials have claimed that this marks an increase in confidence in the property market.

One mortgage advice website stated that September saw the highest level of searches by first time buyers, and separate reports have claimed that it is now first time buyers that are keeping the property market buoyant, with remortgaging levels having gone through the floor.

Many first time buyers are keen to get onto the property ladder as soon as possible, as many fear that property prices may start rising sharply again and that mortgage interest rates may soar if the base rate goes up in the coming months.

There are, in fact, many reasons why first time buyers may be clamouring to get onto the property ladder sooner rather than later.

Firstly, property prices have been rising over recent months but are still far lower than their peak in 2007.

Secondly, with the base rate at an all time low some first time buyers are hoping to get a good deal that will help to keep their repayments down.

Finally, the government’s stamp duty suspension on properties up to £175,000 is still on till the end of the year, and many may want to take advantage of this.

However, there are still obstacles in the way for first time buyers, the major one being the level of deposit that most lenders are demanding in return for access to their more favourable and competitive mortgage deals.

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