Analysis by property firms Your Move and Reeds Rains showed that 30,200 first-time buyer sales were completed in August.
This figure is 27.4% up on May and made this summer the strongest for first-time buyers in eight years. Across the whole summer almost 90,000 sales completed in total.
However, supply of homes continued to be an issue for many. Prices continued to rise and so did deposit sizes, with the typical first-time buyer needing 9% more cash than three months ago.
The average deposit needed now stands at £26,741 and represents 68.5% of a typical buyers’ income. This increase was due to higher property prices as the average home was bought for £153,999, 2.9% more than a year ago.
However, market conditions vary across the country. In London the typical first-time buyer needed to fork out £302,010 for a property, with a deposit of £73,505. By contrast, buyers in Northern Ireland could get onto the ladder for £91,041, with a £12,897 deposit.
Adrian Gill, director of estate agents Your Move and Reeds Rains, said: “Rising deposit costs and average house prices – while hardly a first-time buyer dream – are encouraging economic signs. They point to rising real-term pay and overall consumer confidence.
“Similarly, first-time buyers may grumble about the Bank of England sending out increasingly firm signals that a rate rise is on the horizon. But we are not there yet – the average mortgage rate is continuing to fall, albeit at a more cautious pace than in recent months – and the number of high LTV loans available is still on an upward trajectory.
“This means it is an opportune time for first-time buyers to bid farewell to renting and get a place of their own.”