Competitive low deposit mortgage deals help more first time property buyers.

Stagnating property prices in conjunction with lower deposit mortgage deals are allowing more first time property buyers to climb on the property ladder.

For those who have managed to save a deposit house buying dreams are becoming a reality in certain areas of the UK.

Council of Mortgage Lenders data suggests that in the North of Ireland, 60% of mortgages approved in the first quarter of this year were for first time property buyers, which is the highest level proportionally speaking since 2001.

Derek Wilson who is Northern Ireland's CML chairman commented saying that reduced house prices and lenders lower deposit demands make it far more easy for first time property buyers to climb on the housing ladder.

In Scotland data from the CML suggests that first time property buyers were encouraged to act by the ending stamp duty concession, and the result was they bought more costly property.

CML data reveals that 38% of Scottish first time property buyers bought property from £125,000 to £250,000 which is the highest level since 2005. However properties worth less than £125,000 remain by far the most common purchase in Scotland.

In Wales there was no evidence to show that first time property buyers reacted to the end of the stamp duty holiday.

First time property buyers in Wales continue to borrow at higher LTV levels than anywhere else in the UK. Data shows that the number of mortgages approved for first time property buyers in Wales in the first three months of this year, were down 14% on the final three months of last year.

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