It reported a 185% increase in applications from people making their first foray into homeownership in 2020, with numbers climbing by a further 74% in 2021.

The size of first-time buyer deposits has also grown, according to Trussle. In 2020 only 73% of those new to the property ladder were able to afford a deposit greater than £15,000 but in 2021 this rose to 87%.

While lenders tightened their lending criteria as the pandemic took hold, many would-be first-time buyers were able to save more money because they were not spending as much money due to the lockdown.

Many moved back with their family providing yet a further increase to their savings pot. This boost in savings offset the impact of the tighter criteria on new buyers, Trussle said.

Miles Robinson, head of mortgages at Trussle, said: “Despite the coronavirus pandemic bringing huge economic uncertainty, this hasn’t deterred would-be house hunters, and particularly first-time buyers.

“The market became virtually inaccessible for first-time buyers and those with smaller deposits, as lenders took a more cautious approach and restricted their criteria. However some first-time buyers have been able to use this time to save more money towards their housing deposit, and this could explain why activity from this group has soared throughout the pandemic.”

‘Buoyant’

Publishing its insights on the mortgage market during the coronavirus pandemic Trussle also revealed overall, despite an extremely uncertain economic climate, the UK mortgage market had remained buoyant due to a variety of factors – including first-time buyer activity.

Contrary to many forecasts Trussle found demand for flats had remained consistent since 2019 and the pandemic has not impacted their desirability for buyers.

Trussle has seen an overall downward trend in applications for properties in London since 2019, but it said there was no indication that this has been accelerated by the lockdowns. As a result, urban areas appeared to remain popular destinations.

It also found the Stamp Duty Holiday had encouraged more next-time buyers back to the market despite the turbulent economic climate with applications increasing by 93% year-on-year during 2020, and growing a further 85% in 2021. Deposit sizes were also up.

Fewer homeowners chose to remortgage during the lockdowns, Trussle said New mortgage applications outpaced remortgaging, with rates falling from 72% of all applications received in 2020 to just 45% in 2021.

Robinson added: “While this is all positive news, we should still exercise some caution. There’s evidence to suggest prices have been inflated due to the demand created by the Stamp Duty Holiday, which has led to bidding wars and a lower stock of available properties.

“Our data shows that the public have been incredibly responsible with their finances and it would be wise to continue with this approach until we reach a greater sense of certainty.”