» Read the full story

The proportion of first time buyers looking to put a foot on the property ladder more than doubled in the first two weeks of 2009,

According to the National Association of Estate Agents, 22.5% of registered buyers were first-timers, up from 10% in December and 14.5% in January 2008.

Peter Bolton-King, chief executive of the NAEA, says: "This figure is highly significant in terms of demonstrating an increase in consumer confidence. First-time buyers are the bedrock of a healthy housing market.

"During the boom years we saw the number of first-time buyers as a proportion of buyers rise as high as 37%, and I believe that an average of 25% is indicative of a healthy and confident market. While the figure of 22.5% is definitely not a sign that the housing sector is out of the woods yet, it does suggest that those infamous green shoots of recovery may not be as far off as first thought."

If you are a first-time buyer and think you have no hope of getting onto the property ladder, this news might be of some comfort. Loan to value ratios are low, credit limits are tight and deposits are high, but there is still hope.

If you want to see if you could get a grip on the housing ladder, talk to a mortgage broker right away. You might think it's tall feat, but getting your first mortgage and your first home might well be within your grasp.

SOURCE: NAEA, 05/02/09

To Keep up with news and comments on the current adverse credit market please visit the Adverse Mortgage Blog.