The Observer reported this weekend on the falling number of young home-owning families, as many of today’s millennials struggle in the face of higher property prices, lower growth in their earnings, and tougher lending criteria.
There was some positive news however, with the Financial Times highlighting recent figures from HMRC. These show that nearly 70,000 people have benefited from the stamp duty exemption since it was introduced in November of last year, saving buyers £2,300 on average (and £4,300 in London)
The Times also had some tips for those trying to plan their finances and save for a deposit. This is perhaps the biggest barrier for many first-timers, but experts suggested that those who can get a 10% deposit together would have access to cheaper mortgage deals. Schemes such as the Help to Buy ISA and the Lifetime ISA were designed to help buyers by giving them a free cash boost, and are useful options to consider.
What the papers said about first-time buyers