Do you have £97K to put down on a property in Balham?

Are you a first time buyer who has been able to get a property in Balham or Clapham?  According to myintroducer.com our area has always been popular with first time buyers.  So, is the trend continuing, despite the recession?  Have prices in our area dropped significantly enough.  In Marsh & Pearson's Clapham office, FTB'ers dropped from 34% in 2009 to 28% in 2010.

But I wonder who is actually classed as a 'first time buyer'?  In my experience this recession has led people to sell first and move into rented, rather than get involved with messy chains.  They then come to the buying market as if they were first time buyers.  There is a debate on moneysavingexpert.com as to who exactly would be considered a FTB and the Land Registery is quoted as considering anyone who's been off the housing ladder for 3 months. Other forums are saying 3 years!

The average asking price of a property for sale in Balham as listed in the last 14 days, is just under £570K.  The current overall average price being £390K.  Mortgage lenders now require a 25% deposit from FTB'ers, meaning they would need to put down a minimum of £97.5K to purchase. 

Who are the first time buyers who have got this kind of reddies?  I'd love to hear from you.