The number of first-time buyers seen in 2019 is a marginal increase from the 353,130 recorded in 2018.

Despite a lack of distinct growth in the last 12 months, the overall trend is that figures are steadily approaching those seen before the financial crisis of 2007 with the number of people buying their first home with a mortgage exceeding 300,000 in five of the last six years.

The data shows that almost twice as many first-buyers secured a mortgage in 2019 as at the start of the financial crisis in 2008 (191,040) with those entering the property market now accounting for more than half (51%) of all homes purchased (with a mortgage) this year. In 2008 this share was just 38%.

Yorkshire Building Society has based its market analysis on market-wide first-time buyer data to October 2019, with November and December estimated by the Society.

Nitesh Patel, strategic economist at Yorkshire Building Society, said: “Even though the number of first-buyers has stayed pretty much the same as last year, it is still encouraging to see first-time buyers top 350,000 for the second year in a row. They also represent over half of all homes bought with a mortgage, meaning the first-time buyer mortgage market share is at its highest since 1995, when they bought 53% of all mortgage-financed homes.

“First-time buyer numbers may now be plateauing as property prices have grown at a faster rate than salaries over the past 12 years. This means larger deposits are needed to get on to the property ladder, leading to challenges and barriers to homeownership, which are most pronounced in London and the south-east.

“In recent years first-time buyers have been helped by strong competition driving mortgage rates down to near-record lows, making borrowing more accessible. More mortgage lenders offering 95% loan-to-value mortgages, which reduces the need for a higher deposit. Home loans with terms of up to 40 years are becoming increasingly popular as first-time buyers look to lower their monthly mortgage repayment.”

Mr Patel added: “Also government schemes such as Stamp Duty relief, Help to Buy equity loans and Help to Buy ISAs will have made an impact. This combination of factors has made buying a home more accessible in recent years.

“This has seen the first-time buyer market bounce back from the financial crisis and perform better than other sectors, such as the home-moving and buy-to-let markets. However, as these figures show the market may have now reached its peak and buying your first home still remains tough for many.”