FTBs need to remain open minded

When it comes to buying a first home in the UK, it can be difficult for new buyers to make their way into the market, with mortgages for properties for sale in particular very difficult to grab for those who have never previously hit the ladder.

At the moment, if people are not making use of government schemes like FirstBuy or NewBuy, under which they only need a five per cent deposit, it can be incredibly difficult for them to find a product with a deposit less than 20 to 25 per cent.

However, what will be worrying is that one expert said deposit is still the vital issue when it comes to making sure that people can get onto the property ladder.

Robert Dibb, spokesman for FirstRungNow.com, said: "Deposit is still very much key, so if you're in a position to live at home while you save then this is a good way to get some money together."

He said that while many people will find that this makes it difficult for them to be able to afford to buy a home, it should be the case that people keep all of their options available surrounding their purchase, and do not dismiss any options.

"Explore all of the options and don't dismiss any of them before getting all the facts. We have lots of people calling saying that they don't want to look at shared ownership for example, however, when we run through all the details it often becomes something that is quite appealing," Mr Dibb added.

In addition to this advice for new buyers though, the expert went on to say that the government should be doing all that it can to help bring more buyers into the market.

He advised that the government could offer tax exemptions for those builders who are constructing the sort of low-cost housing that could attract more first timers because they will need a lower deposit in order to be able to afford them.