Estates agents in the Westcountry admitted to being "cautiously optimistic" about the year ahead after a crucial study said first-time buyers were in the best position to purchase for eight years.

The annual survey conducted by the Halifax reveals the number of first-time buyers is at the lowest since 1974 and that their average age has fallen slightly from 30 to 29.

But, after several years of gloom in the housing market it suggests that a turning point could be on the cards as homes are becoming more affordable for people taking on their first mortgage.

Richard Copus, a director of Copus Woods Estates Agents and the regional director for the Westcountry of the National Association of Estate Agents, said the outlook was improving, marginally.

"Prices have been stable this year. They have dropped slightly, but not by much," he said.

"First-time buyers will be in a good position.

"They have been able to save and it should become easier for them to get a mortgage."

According to the Halifax, the UK's biggest provider of mortgages for first-time buyers, average deposits are down to 15 per cent, after peaking at 20 per cent and sometimes 25 per cent in the immediate wake of the banking crisis.

Mr Copus said that, as a result: "Next year will be the best for first-time buyers.

"We have gone from having 100 per cent and 110 per cent mortgages down to deposits of an average of 15 per cent.

"This is getting back to how it used to be.

"It was the case that 15-20 years ago you had to have a deposit of 15-20 per cent before you could even be considered for a mortgage.

"What we are seeing now is a return to more prudent lending policies."

Mr Copus said he was "cautiously optimistic" about the coming year.

It was view shared by Andy Goundry, of Goundry Pearce Estate Agents in Cornwall, although he said the worst was far from over.

"I am cautiously optimistic, but I am a glass half full person.

"I still think it is going to a difficult year."

However, Mr Goundry said it was encouraging to see that the house market was "resetting" to a more sustainable level after years of explosive growth.

The survey from the Halifax is based on a single person being able to obtain a mortgage for four times an average income.

Martin Ellis, housing economist at Halifax, said conditions were tough, but there was at least some good news for first-time buyers.