Safeland managing director Larry Lipman told the Jewish Chronicle that first-time buyers were fine in the current market and that mortgages simply took ‘a touch longer’ to complete than before.

“First-time buyers just want to move out of home, and own their own flat. They are highly motivated and their risk profile is very different.

“They have the savings, they are going to do it. And we are in a low interest-rate environment, so mortgage payments are lower than rents, so it works.

“If you are a second or third-time buyer, going from a two-bed flat to a three-bed house, the jump in pure monetary terms is bigger so you might need much more in capital.

“They are nervous, thinking: ‘Is this the right time to do it?’ And because they are already living somewhere, they can wait.”

Lipman founded Safeland in 1986 with his father and brothers. A property trading, development and investment specialist, it has converted property into residential homes and selling them, usually to first-time buyers.