As children we are taught that part of growing up is to one day own a home; somewhere to live out your hopes and dreams and maybe raise a family. We are bombarded every day on TV with happy, smiling people creating memories in a home they have worked hard to achieve but is this idyll becoming more and more unobtainable for first time buyers today?

A recent report by housing charity, Shelter showed that it will take more than a decade to save the 20% deposit typically required from aspiring homeowners. This figure is due to rising house prices, stagnant wages, high costs of living and tougher lending rules.

According to Rightmove, the average price of a property in Wirral is £160,749.00. To buy a property at this price with a 20% deposit would mean saving £32,149.80! Things are even tougher down south with the average price of a property in London at an eye watering £523,953! It is no wonder then that we have seen a sharp rise in the amount of first time buyers receiving some form of financial help from parents and grandparents. In fact, last year in the UK £8.3bn worth of home deposits were given to adult children by their parents.

For those not fortunate enough to receive financial help from family, the prospect of ever stepping onto the property ladder may seem daunting. However, it is not all doom and gloom...

The mortgage market has improved considerably over the last 12 months and it is now possible to find a mortgage with a low interest rate even without a sizeable deposit.

Also, the Government's Help to Buy Scheme is another affordable way to achieve your own home. This scheme is available to borrowers with a deposit of at least 5% who want to buy a property up to the value of £600,000.00.

In addition, the recent changes to stamp duty rates could mean extra funds to put towards the ever important deposit.

Whichever way we choose to look at it, the road to home ownership is destined to be lengthy. Encouragingly though, data released by Halifax reports that 2014 saw the highest number of first time buyers since 2007.

Perhaps the home ownership fantasy could become reality after all?




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