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Home ownership among the under-25s has halved over the last 20 years, according to data from the Local Government Association. It found that two decades ago, almost half of under 35s owned their own home. Today that has fallen to just one in five.

The dramatic rise in house prices has been a big contributor to that change, with the average house price now almost eight times average earnings.

However, it would be wrong to assume that things are hopeless for these buyers. With fewer landlords on the hunt for properties as a result of the new additional stamp duty rate for second homes, and lenders boosting the number of mortgages available for buyers with small deposits, now is a positive time for first-time buyers.

For example, savers can boost their deposit by making use of a Help to Buy ISA, or the soon-to-launch Lifetime ISA, where savings are boosted by 25% by the Government, so long as they are used as a deposit on a first home purchase.

There is also the Help to Buy equity loan scheme, where borrowers can make use of a loan from the Government worth up to 20% of the property’s value, which is fee-free for the first five years.

Alternatively, buyers could investigate their options with a shared ownership property. Here you would own a share of the property of up to 75%, with your local housing association owning the rest. Every month you would pay off the mortgage on the share you own, and rent on the part that you don’t. You may be able to gradually buy the remaining share.

Then there is the Starter Home scheme, a new initiative from the Government which will see 200,000 new build homes made available to first-time buyers under the age of 40, with at least 20% off the asking price. The discounted price for these properties will be no more than £250,000 outside of London and £450,000 inside England’s capital city.

Karen James, Head of Residential Conveyancing at Ramsdens said: “The housing market has changed significantly over the last couple of decades, with things becoming much tougher for younger buyers. Nonetheless, there are a number of Government schemes designed to make things easier for these buyers to get onto the ladder."

If you’d like advice on which scheme would be best for you, speak to us today by calling 01484 821500 or email