Buying a first home remains a major financial challenge, especially in an era of high house prices and rising living costs.

Yet many young buyers are still finding creative ways to make it work. From using government-backed savings schemes to relocating or taking on renovation projects, there are various approaches that can help people step onto the property ladder.

Below is a guide to some of the most popular methods that first-time buyers are using.

Using a Lifetime ISA (LISA)

The Lifetime ISA is a government scheme designed to help people aged 18 to 39 save for a home or retirement. Savers can deposit up to £4,000 annually and receive a 25% government bonus, which means up to £1,000 extra each year. The funds must be used to buy a home under £450,000 to qualify for the bonus.

This method can be especially effective if two people are buying together, as each can have their own LISA and receive the bonus separately. However, critics argue that the £450,000 cap has become outdated, especially in more expensive parts of the country. If the property exceeds this threshold—even by £1—the bonus is lost and a penalty applies.

Despite that, many financial experts continue to recommend the LISA as one of the most effective ways to save for a deposit.

Boosting borrowing power with a family member’s income

An income booster mortgage, sometimes known as a joint borrower sole proprietor mortgage, allows a family member to contribute their income to the affordability assessment without being a co-owner of the property.

This can be a useful option for buyers with lower incomes who are struggling to meet lending criteria. By combining incomes, applicants may qualify for a larger mortgage. However, the supporting family member is also liable for the debt and their age or income can affect the length and terms of the loan.

These arrangements are often temporary, with buyers planning to remortgage independently once their financial situation improves.

Relocating to a cheaper area

Relocation remains one of the most practical ways to afford a first home. Many buyers are now moving away from expensive regions to areas where average house prices are significantly lower.

This approach may involve career changes or leaving behind friends and family, but it can make home ownership possible for those priced out of their local market. Recent figures show that a majority of first-time buyers have moved to a different region to improve their chances of buying.

Opting for shared ownership

Shared ownership schemes allow buyers to purchase a portion of a property—typically between 25% and 75%—and pay rent on the remainder. This lowers the upfront costs and makes it easier to afford housing in high-cost areas.

While shared ownership can reduce monthly expenses compared to renting privately, it does come with extra fees, such as service charges, and resale restrictions can complicate future moves. However, for some, it offers a much-needed bridge to full ownership, particularly when combined with renting out a spare room.

Taking advantage of the Help to Buy ISA

Although now closed to new applicants, the Help to Buy ISA still benefits many current account holders. Like the Lifetime ISA, it provided a 25% government bonus on savings, up to a maximum of £3,000.

Those who opened accounts before the cut-off date can still use them for home purchases. Buyers using this scheme have reported success in lower-priced housing markets, especially in parts of Wales and Northern England where house prices remain below the national average.

Investing or buying a fixer-upper

Some buyers build up their deposit through long-term investing in stocks or funds. This approach requires financial discipline, market knowledge, and a willingness to take on risk, but it can lead to a significantly larger deposit if timed well.

Others opt to buy homes that require renovation. Fixer-uppers are often more affordable upfront, and buyers can spread out the cost of improvements over several years. This strategy works best for those willing to live through gradual updates and potentially do some of the work themselves.

Final tips from financial experts

Experts recommend that first-time buyers:

• Start saving early and consistently, even small amounts.

• Use financial tools to categorise spending into essentials, desirables, and indulgences.

• Speak to mortgage brokers well in advance of buying, as early advice can help plan the best route to ownership.

• Be flexible—whether that means moving areas, considering part-ownership, or buying a property that needs work.

Please contact us if you would like advice about the legal aspects of buying or selling a property.