In recent months it had been thought that fewer first-time buyers were seeking a solicitor for conveyancing to help them purchase a property, however, the Council of Mortgage Lenders (CML) has revealed that many suchbuyers have in fact been taking advantage of current affordable house prices.

Paul Smee, director general of the CML, said, “While the number of first-time buyers – and indeed all buyers – has declined markedly since the credit crunch, the proportion of loans advanced to first-time buyers has remained remarkably steady, fluctuating between 34per cent and 40per cent of the total since 2005. In November, first-time buyers took up 37per cent of the house purchase market, the same as in October.”

The organisation has released figures showing that during November last year many first-time buyers noticed a decline in the proportion of their income accounted for by mortgage interest payments.

The figures reveal that although mortgage interest repayments fell to just over 12 per cent in November – first time buyers were paying 13 per cent the year before – housing costs are still taking about £1 in every £8 earned by first-time buyers whereas second or third time buyers are spending less than a tenth of their income.

However, it has been reported that even estate agents are preparing for house prices to fall further in 2012 and it is thought that many home-owners planning to sell will wait to begin the residential conveyancing process in hope that house prices will improve.