MORE first-time buyers are getting on the housing ladder and helping to fuel the housing market, according to latest statistics.

Southend property experts believe there has been an increase of about 30 per cent, yet it’s almost double that in Basildon.

Paul Flavin, 51, managing director of Zing Mortgages, based in Alexandra Street, Southend said: “There has been people who are benefitting from deposits that are gifts and people are helping relatives get on the housing ladder too.

“I am not sure that all first time buyers are finding it tough to get on the housing ladder.

“The increase in first time buyers for Southend is not as strong as Basildon, but it definitely on the up.”

Richard Hopson, 51, director of Hopson Property Services, also in Southend said new buyers are very important to the housing market.

He added: “I would say there has been an improvement in the number of first-time buyers but we are seeing a interest from investment buyers too.

“First-time buyers help to keep the market moving forward. I think Southend is a desirable place to live with good leisure attractions and it is good commuting distance from London.”

Mr Hopson added that the investment buyers are always keen to invest their money instead of saving it in bank accounts with low annual returns.

He also said the interest from the new buyers and investment buyers on the housing market is helping to increase the price of property.

John Pring, director of Fisks estate agents on Canvey said the housing market in Castle Point has also been following this trend of an upturn in first-time buyers.

He also said that there are now larger mortgages that buyers can take advantage of.

He added: “First-time buyers are definitely back.

“The demand from first-time buyers has been substantial and there are a few reasons for this.

“I think that there are more choices of mortgages now on offer for the buyers.

“The ratio between what a buyer is able to borrow and the price of the house has changed alot.

“I am not saying that anyone can get a mortgage that is 100 per cent but those kind of mortgages are now on offer for buyers.

“There is also more competition from mortgage lenders due to the range on the market for the buyers. This has affected the rates charged by lenders.”

Balgores Property Group has announced that over the last 12 months, Basildon has seen the largest hike in first time buyers of 65 per cent.

Nationally, the number of first-time buyers rose strongly last year, with 339,000 joining the housing ladder, this figure is up eight per cent compared with 2015.

Martin Gibbon, a group director at Balgores, believes cheaper loans and a range of new mortgage products are encouraging first time buyers to get on the property ladder.

He added: “Many first time buyers have saved for a deposit over the last few years and it’s encouraging to see.

“Basildon saw a huge hike in demand from first time buyers.

“Basildon is close to the city and remains one of the most affordable places near London.”