Start Your Home Search Now: Expert Advice for First-Time Buyers Following the New Government Scheme

The Government's proposed first-time buyer scheme, Your First Home, could help more aspiring homeowners onto the property ladder. Expected to allow eligible buyers to purchase a new-build home with a deposit of just 2.5%, supported by a 20% government-backed equity loan, the scheme is already generating interest among those looking to buy their first home.

While full details, including property price caps, are still to be confirmed, Michael Burt, Sales Director at City & Country, believes prospective buyers should start preparing now rather than waiting for the scheme to launch.

"For many first-time buyers, saving a sizeable deposit while paying high rents is the biggest hurdle to buying their first home. The new scheme could help reduce that upfront barrier, but there are steps prospective buyers should be taking now to put themselves in the strongest position possible."

Keep Building Your Deposit

Although the scheme could significantly reduce the amount needed upfront, buyers should continue saving wherever possible. Purchasing a home involves additional costs such as legal fees, surveys and moving expenses, so having a financial cushion remains important. A reduced deposit requirement does not remove the need for careful financial planning.

Get Mortgage-Ready

Preparing for a mortgage application now could put buyers in a stronger position when the scheme becomes available. Checking your credit score, reviewing monthly spending and understanding how much you could realistically borrow are all worthwhile steps. While the scheme may help with the deposit requirement, buyers will still need to demonstrate that they can comfortably afford their mortgage repayments.

Start Researching Homes Now

Rather than waiting for further announcements, prospective buyers should begin exploring developments and comparing locations, property types and prices. Understanding what is available within your budget now will make it easier to act when the scheme launches and eligibility criteria are confirmed.

As Michael Burt explains: "I'd also encourage those hoping to use the scheme to start their home search now. Looking at developments in their preferred areas, comparing prices and understanding what they can get for their money will put them in a stronger position."

Consider All Your Options

While the new scheme may create opportunities for many buyers, it may not be the right route for everyone. It is important to consider your wider financial circumstances, long-term plans and the homes currently available to you, rather than focusing solely on whether a property meets the scheme's eligibility criteria.

Finding Your First Home with City & Country

With over 60 years' experience creating homes in remarkable places, City & Country offers a range of properties suited to first-time buyers across England, from contemporary apartments to characterful homes within beautifully restored heritage settings. Whether you're considering a home in London, Essex, Sussex or beyond, beginning your research and preparation today could help you make the most of future opportunities and take a confident first step towards homeownership.

For more information on City & Country's current developments, visit the City & Country website