The value of the first-time buyer market topped £106bn in 2024

A lack of meaningful housing policy has condemned the fates of thousands hoping for a reprieve ahead of next Tuesday's deadline.

First-time buyers are being warned of the little-known essentials they may need when buying their first home.

Over 10% of buyer deposits are now funded by the Bank of Mum and Dad

Despite the huge increase in monthly costs, Rightmove estimates that average payments are still £155 lower than their peak in July 2023.

Difficult compromises surrounding smaller properties, increased financial risk, and tighter budgets should be weighed up carefully following next month's deadline.

Buyers are predicted to pay a collective £142 million in additional stamp duty tax.

Brokers have warned that the market needs to improve if it is going to meet the changing needs of first-time buyers.

Ben Thompson, Deputy CEO at Mortgage Advice Bureau highlights some of the additional costs first-time buyers may not be fully aware of when purchasing their first home.

The cost of a typical first home is now £311,034, according to new figures with average deposits now in excess of £61,000.