The firm's monthly survey has revealed that the number of first-time buyers rose by 2 per cent in January.
Additionally, a third of all purchasers during the same period were first-time buyers, seemingly coaxed back by December's rate cut.
However only 17 per cent of consumers were looking at loan to value mortgages of more than 95 per cent - this compares with a market share of almost a quarter in August 2007.
“Borrowers are finding higher deposits to put into their homes signalling not only that consumers are confident in investing an increasing amount of equity into property, but that lending has become more responsible," reflected Steve Cox, operations director of Spicerhaart Financial Services.
“Those just starting on the property ladder have been encouraged by the drop in the base rate, but have not been put off by the need to put down a larger deposit.
"It is this sort of confidence which is essential to reignite the property market.”
