Kemi's stamp duty pledge gives hope for the future, but until then, here's how to own your home in the toughest of times

But until then, we can expect politicians from all parties to keep making promises to transform the housing market.

The brutal reality, however, is that for those trying to buy a home – especially their first – it's tougher now than it has been in a very long time.

Why? The biggest issue is affordability, and the figures speak for themselves when you look at how prices have changed over the past 25 years.

While the UK average house price has risen by 257 per cent, London has seen a 347 per cent increase, and in high-demand areas, it's even greater.

Affordability pressures are now starting to impact prices too.

Halifax recently reported a 0.3 per cent decline in prices in September, with annual growth slowing to just 1.3 per cent.

Meanwhile, the Government's Help to Buy loan scheme ended in 2023, mortgages have become steadily more expensive since 2022, and there's also been a recent hike in stamp duty.

It's little wonder, then, that the average age of a first-time buyer is now 33.

So the big question is: how on earth can aspiring buyers get on the property ladder now?

The first step is to consider looking beyond London or other major cities, where property prices, and therefore the deposits needed, are typically more manageable.

Lenders are also starting to address the affordability challenge.

Some are becoming more flexible, offering higher borrowing limits of up to 4.5 times your combined income.

100 per cent mortgages are making a comeback too, though they tend to carry higher interest rates due to the added risk and are usually offered by specialist lenders.

Major lenders are now advertising 98 per cent mortgages, but these often come with longer fixed terms and higher rates.

Other possibilities include sole proprietor mortgages, where one person owns the home legally, but both parties share responsibility for repayments, and longer-term loans of 30 years or more.

There's also help to be found from the Bank of Mum and Dad, shared ownership schemes, partnerships with housebuilders, and rent-to-mortgage options.

Ultimately, you'll need to figure out what kind of mortgage deal works for you, then identify the areas you can afford to buy in, and do your research. There are plenty of helpful online tools, such as 'Know Your Area'.

In short, if you're determined, you can do it.

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