You need 13 times your salary to buy a house – what help is there for first time buyers?

Proptech platform When You Move offers some concrete steps to improving first time buyers' chances of owning a home

(Image credit: Getty)

House prices are continuing to rise, even if not as steeply as before the pro-Brexit vote. 

In London, a first-time buyer will now need to earn an average of thirteen times their salary to be able to afford a home. As the housing crisis deepens, When You Move, a  platform aimed at increasing the speed and reliability of communication between agents, conveyancers and consumers, suggests concrete steps the government could be taking to make getting on the property ladder easier (or at least a possibility) for first-time buyers. 

The suggestions include:

  • Digitising some of the conveyancing process, including land registry records; 
  • Working with larger home builders to make sure that housing regeneration happens quicker; 
  • Testing Help to Buy schemes for relevance to the first-time buyer; 
  • Curtailing gazumping – or pricing out a buyer after an offer has been made – with a 'contract-ready' transaction process;
  • Simplifying change of use applications, which would make it easier for developers to repurpose the acres of unused retail space currently available across the UK.

Other initiatives include shared ownership, where first time buyers can co-own with a housing association. You can buy anything from 25 to 75 per cent of the property (and rent the rest) but you're restricted to specific ones.

In London, Mayor Sadiq Khan is working on a scheme that will restrict sales of all new-build homes in the capital up to £350,000 to UK buyers for three months before any overseas marketing can be done.

The starter home initiative is a government scheme that will see 200,000 new build homes in England sold to first-time buyers with a 20 per cent discount by 2020.

Anna is a professional writer with many years of experience. She has a passion for contemporary home decor and gardening. She covers a range of topics, from practical advice to interior and garden design. 

Latest in Buying and Selling
We've created your checklist for moving into a first house. Here is a white living room with a tan couch with a brown wall art print above it, a tall white lamp, and a light and dark brown checked rug
Checklist for moving into a first house — everything you need to make your new place feel like home
Moving boxes on a green ombre background
JW: How much does it cost to get movers and move out?
An apartment with a pink wall, blue sofa, and decorated coffee table
These tips for moving into your first apartment will make your life 10x easier
A UK home with an extension
How much does it cost to move house in the UK?
Period wooden houses within Concord Massachusetts
How to save to buy a house: 10 expert tips
light yellow wallpaper with fine line drawn white floral patterns throughout in a living room space with wooden furniture
Playing this song will help sell your house faster – according to a new study
Latest in News
Jennifer Garner wearing a black and white coat and black dress, standing in front of a blue background
Jennifer Garner's dining room is filled with “cohesive and intentional” features that showcase her personality
Two pictures - one of Bobby Berk wearing a brown leather shirt and one of a living room with a black feature wall and a wooden dining table
Bobby Berk has revealed his favorite wall paint color — designers agree that it's a chic choice
Vanessa Hudgens wearing a white dress, a diamond necklace, and her hair up with a bow, standing in front of a gold and red background
Vanessa Hudgens’ wallpaper puts a trendy twist on a classic style — designers love her effortless approach
RuPaul wearing a black cowboy hat and jacket, standing in front of a purple wall that says 'Emmys' in gold writing behind it
RuPaul's dining room is filled with colorful and conversation touches that bring “all the fun vibes”
A living room with black walls, wall art prints, neon signs, and a velvet blue couch with throw pillows on it
I'm calling it — Beetlejuicecore is 2024's hottest Halloween trend
Alicia Silverstone wearing a black blazer, standing in front of a white background with black writing on it
Alicia Silverstone’s kitchen is a masterclass in nostalgiacore — designers adore its “simplicity and coziness”