That's the logic espoused by Nationwide Group's Fionnuala Earley, with her new definition of the first-time buyer:

"No longer can we think of first-time buyers as the fresh-faced young person or couple," Fionnuala Earley, Nationwide Group economist, said.

"Rather the category includes a significant proportion of buyers returning to the market... such buyers often have access to deposits funded from past increases in house prices," she added.

What?

[via HousePriceCrash]