Buyers are also paying more for their homes, as the average first-timer paid £160,304 on average in January, 12% more than the £143,343 recorded 12 months ago.
Adrian Gill, director of estate agents Your Move and Reeds Rains, comments: “A fusion of economic factors is alleviating some of the financial burden of forming a deposit.
“Wages are starting to recover and inflation has fallen to a record low, meaning buyers have slightly more cash to play with day-to-day.
“And Stamp Duty fees were slashed for many new buyers when the government reformed the old slab system, freeing up further funds.
“It’s still difficult to save – with savings rates tied closely to the low base rate. But it’s easier to put cash aside than it was a year ago.”
