The value of loans lent to first time buyers increased during the second quarter of this year, so says figures from the Bank of England and the Financial Conduct Authority (FCA). From £8.9 billion, the value jumped up to £10.8 billion.

This could be an indication that more first time buyers are being able to purchase a home, which is good news for members of ‘generation rent’, and for the property market as a whole.

However, buy-to-let borrowing has also increased, which conversely implied that more people are becoming landlords, or expanding an already existing portfolio. Year on year, the amount lent out for buy-to-let-purposes rose by over a billion pounds to £8.3 billion.

However, the best performing area of the market seems to be remortgaging. The number of valuations for remortgaging rose by 25 per cent in August compared to July, showing a sharp rise in the number of people looking around to get onto a cheaper deal.

People might be becoming more savvy, knowing that they have options to try and get themselves into a better financial position. Of course, the alternative may be that people are struggling economically, and need to remortgage in order to avoid repossession.

A recent survey found that almost nine in ten people in the UK thought the UK housing market is hostile here, and that first time buyers would struggle to get onto the property ladder.

Changes to the housing market should be welcomed. Even though changes may make it more difficult for people to purchase a property in the long run, if the current struggle continues, becoming a homeowner could become a novelty of the past.