THERE has been a surge in the number of first time buyers despite increased property prices.

First time buyers accounted for 46 per cent of all buyers between January and June 2014, the highest proportion since 2007, according to mortgage lender Halifax.

It is believed cheap mortgage rates, improving economy and government schemes like Help to Buy have helped people get a foot on the property ladder.

Alex Lambourne, director of Belgarum estate agents in Winchester, said about half the properties they sold were to first time buyers.

He said: “We have definitely noticed an increase. December was quiet but January exploded with new registrations.”

Mr Lambourne said lenders also become slightly more flexible last year, approving more mortgages.

The possibility of a hike in interest rates soon may also have created an incentive to buy sooner rather than later, he said.

Even though house prices rose significantly last year, both mortgage rates and the size of the average deposit fell, according to Halifax.

Help to Buy enables people to put down a deposit as little as five per cent of the selling price.

Meanwhile changes in stamp duty last month (December) reduced the average first time buyer’s tax bill by £781.

But buying a property is still a massive investment and getting it wrong can be costly. A survey assesses the property for potential problems.

Price comparison website localsurveyorsdirect.co.uk is a quick and easy way to find a surveyor.

Chris Gooch, associate partner at Carter Jonas in Winchester, said his firm had not noticed an increase in first time buyers.

He said: “Winchester is a different market. The values are that much higher than Andover, for example, where there are far more properties in the £150,000-£200,000 bracket.

“The last two-bedroom house we sold went for about £400,000. Terraced houses around Hyde are selling for £600,000.”

Mr Gooch said the development of the 2,000 home estate at Barton Farm would help first time buyers.

“There will be a good supply of more affordable housing there. The more first time buyers coming into the market the better.”