The UK first-time buyer (FTB) market is a crucial part of the housing sector but those looking to get on the first rung of the ladder have faced more challenges in recent years.

House prices have steadily increased, especially in major cities, making buying a first home even more difficult, with the age-old issue of raising a large enough deposit — particularly while paying ever-rising rent — still one of the main hurdles.

Finding a good mortgage broker who is well educated on the FTB market is the best place to start

And, while the ‘Bank of Mum and Dad’ has been hailed as the go-to and seen a rising number of withdrawals, this is not a solution accessible to everyone.

The government’s marmite-like Help to Buy (H2B) scheme may no longer be on offer, but there is help out there for first-time buyers. One saving this cohort can avail itself of is the stamp duty exemption for properties worth up to £425,000.

However, this incentive expires in March 2025, with no commitment to extend as of yet, and those completely green to buying a home may have not factored in the additional stamp duty fee when doing their own calculations.

Should another government incentive akin to H2B be introduced in the near future, this alone is unlikely to get FTBs over the line.

The FTB market is a crucial part of the housing sector

Innovation from lenders, around not just high loan-to-value products but also processes and policies, is needed now more than ever to help them secure an affordable deal.

And of course knowing where to look for these lenders and products is key, so finding a good mortgage broker who is well educated on the FTB market is the best place to start.