How the government intends to help first-time buyers
In a recent speech, Boris Johnson committed to helping first-time buyers overcome the hurdles faced when securing their first property.
As it stands now, the biggest issues first-time buyers face are the strict mortgage lending restrictions, the need for a high deposit, and rising house prices.
As part of the speech, Boris Johnson stated that more than 50% of renters could afford a monthly mortgage payment. However, other factors mean that only 6% could immediately access a FTB mortgage.
He said: “First-time buyers are trying to hit a continually moving target. By the time they’ve put aside money to secure their mortgage, prices have risen, and it’s no longer enough.”
“And of course, the global rise in the cost of living is only making life harder for savers. So, we want it to be easier to get a mortgage. Reporting back this Autumn, [the review] will look at how we can give our nation’s aspiring homeowners better access to low-deposit mortgages.”
Are you a first-time buyer looking for property advice? Get in touch today.
*Rightmove
This article was originally published by BriefYourMarket and is reproduced here with their permission.
For more company news and insights from Pygott & Crone, click here
Latest news
One third of properties need price reductions: How to avoid joining them
January 2026 brought a strong start to the property market.
Mortgage rates and what they mean for buyers and sellers
Mortgage rates and what they mean for buyers and sellersMortgage rates are one of the most significant factors in the UK property market, influencing how much buyers can borrow, which price brackets are accessible, and how sellers should calibrate their expectations.
What buyers are actually doing during a viewing, and why it matters
What buyers are doing during a viewing, and why it matters A viewing typically lasts thirty to forty-five minutes, and within that window a browser becomes a buyer, or does not.
Preparing for a valuation visit: What agents actually look at
Preparing for a valuation visit: What agents actually look atMost sellers tidy the house before an agent comes to value it, which is sensible enough.
