For many, buying a home is a significant milestone, but affordability concerns remain a challenge. Rising living costs, mortgage rates, and house prices continue to shape the market, making it difficult for first-time buyers to step onto the property ladder. However, with careful financial planning, knowledge of available schemes, and a flexible approach, homeownership can still be a realistic goal in 2025.
Understanding Market Conditions
Mortgage lenders have adapted by offering more flexible options to support first-time buyers. Extended repayment terms, lower deposit requirements, and competitive mortgage rates have been introduced to help make homeownership more achievable. Additionally, government-backed schemes continue to provide financial assistance, helping to lower upfront costs and improve affordability. Richard Kendall Estate Agent works in partnership with SMH Finance LLP who would provide the mortgage advice Speak to one of SMH Finance LLP specialists today and telephone 01924 291294.
To ease the financial burden, several government initiatives are available:
- Shared Ownership – Allows buyers to purchase a share of a property (typically between 25% and 75%) and pay rent on the remaining portion, reducing the initial cost of buying a home.
- Lifetime ISA (LISA) – Provides a 25% government bonus on savings (up to £1,000 per year) for those saving toward a home deposit.
- 95% Mortgage Scheme – Supports buyers with small deposits by enabling access to high loan-to-value mortgages.
Practical Steps for First-Time Buyers
Navigating the housing market requires careful planning and a strategic approach. Here are key steps to take in 2025:
- Save for a deposit – Aim to save as much as possible while exploring low-deposit mortgage options.
- Research government schemes – Determine eligibility for financial assistance programmes to reduce costs.
- Consult SMH Finance LLP – Get expert advice on the best mortgage products for your situation.
- Consider alternative locations – Explore areas where property prices are more affordable or offer better value. We have properties available in Wakefield, Pontefract and surrounding areas.
While challenges remain, a proactive approach, financial discipline, and market awareness can help first-time buyers secure a home in 2025. With the right strategies in place, homeownership is still an attainable goal despite the evolving property landscape.
