First-time Buyer  

Drop in first-time buyers a concern

Carmen Green, adviser at Xpress Mortgages, said: "I have witnessed several occasions where first-time buyers have grabbed a bargain as they jump in to fix chains that have collapsed in an otherwise shaky market.

"Particularly in the south east, the fall in property prices has given opportunity to first-time buyers who otherwise wouldn’t be able to afford to buy."

Steve Patterson, director at Teeside Money, agreed that although a drop in the number of new buyers could cause a domino effect on the market, he said he "was not concerned at this stage".

He said: "I think it will just be a blip. I don't think there will be a big decline in the numbers unless there is a major impact to lending."