There were just 22,000 first-time buyer transactions in May, Your Move and Reeds Rains have estimated.

The firms, both part of LSL, say that the figure is the lowest for May in three years and is a drop of 18.1% on the 27,100 first-time transactions of May 2014.

Average first-time buyer deposits rose 4.2% year on year to £25,134.

The average price for a first-time buyer property in May was £153,348 – £303,574 in London.