House prices have soared to unprecedented heights in recent years, leaving many young buyers without the resources to purchase a home. For those who were able to take advantage of the government's Help to Buy scheme, it provided a much-needed lifeline - over 55,000 people used an equity loan from the scheme to buy their home in just one year.

Unfortunately, the popularity of the Help to Buy scheme meant that it had to come to an end earlier than expected - in October 2022, two months earlier than originally planned. Those who already have a home under reservation and are on track to complete before 31 March 2023 can still take advantage of this scheme.

How to get onto the property ladder without help to buy

But what about those who weren't able to make use of the Help to Buy scheme? There are still a number of other savings vehicles and initiatives that can help you reach your goal of homeownership. Here are some typical alternatives to Help to Buy:

1. Shared Ownership – This is a form of part-ownership where you buy between 25% and 75% of the home, while the rest is owned by a housing association or another third party. You can then buy more shares in your home when you’re ready, so you eventually own 100 %. For more information visit our page here

2. Starter Homes – The government has recently announced plans for 200,000 new starter homes to be built over five years. These will be sold at a 20% discount to first-time buyers aged between 23 and 40.

3. Lifetime ISA – A Lifetime ISA is a type of savings account where you can save up to £4,000 each year until you’re 50, and the government will add 25% on top as a bonus. This money can then be used to purchase your first home, or save for retirement. There is a tax free limit of £20,000, you must be between the age of 18-40. For more information on lifetime ISAs click here

4. Family Springboard – This is a type of mortgage where family members can put up to 10% of the house price into a savings account as security. They will get this back after five years plus interest, but in the meantime, it will allow you to buy the house with a smaller deposit.

5. Local Authority Schemes – Many local authorities offer schemes such as shared ownership and low-cost housing, so it’s worth contacting them directly to see what’s available.

With all of these alternatives, it's still possible for first-time buyers to achieve their dream of homeownership - even without the Help to Buy scheme.

New build schemes

The part exchange scheme works if you have not yet sold your existing property, you are able to exchange your current property for your dream home, there is also a builders assisted sale that you could opt for where the developer helps you sell your current home. The 'deposit paid' scheme means you don't need to pay a deposit upfront.

With careful research, planning and budgeting you can still find a way to make your home-buying dreams come true! Take advantage of all the options available and start saving today.

If you are interested in buying your first home, we are here to help, contact us via email [email protected] or feel free to give us a call at 0151 662 0188