Simon Ainsworth, head of Residential Property at Napthens solicitors, reports that high prices during the recent property boom meant many first time buyers were simply priced out of the market. Alternatively, they were unable to secure a mortgage as lenders began to tighten their belt with the start of the recession.

This lack of first time buyers was pinpointed by many experts as a reason for the stagnation of the market.

However, prices which have continually fallen for more than a year have meant these buyers are able to get onto the property ladder again, in a move which may be stimulating the market, which has now begun to show signs of life.

Figures from the Nationwide building society show prices rose by 1.2 per cent in May, compared to April. Meanwhile, alternative figures from housing intelligence group Hometrack showed prices remained static in May – the first time the survey had not registered a drop in 20 months.

Now Simon Ainsworth, head of Residential Property at Napthens solicitors, has welcomed the news, reporting his department has seen a continuing increase in new instructions this year.

He said: “It is a little too soon to suggest we are seeing an upturn in the market, but these reports are definitely a positive sign for the residential property industry.

“Lancashire has suffered in the same way as every other area, with first time buyers being priced out of the market, and many investors putting their plans on hold until prices hit rock bottom.

“However, the lower prices we have seen recently have meant new and young buyers are able to begin buying property again, and the lenders have also become more active in the mortgage market.

“Here at Napthens we have seen a steady increase in new instructions since the New Year. The difference between now and nine months ago is marked.

“It may be that prices begin to creep up again during the summer, which could mean we could see a flurry of purchases as buyers attempt to grab a bargain while they can.

“I would urge buyers to consider this as a great opportunity to secure a property."