How to Get on the Property Ladder

Buying your first home is a major financial milestone, but in today’s housing market, getting on the property ladder isn’t always easy. High deposits, rising interest rates and limited supply can make homeownership feel out of reach—especially for younger buyers.

That said, with the right strategy, preparation and support, becoming a first-time buyer is still achievable. This guide explains how to take your first steps towards homeownership, when most people buy their first home, and whether first-time buyers pay stamp duty.

What Age Do Most People Purchase Their First Property?

According to recent government data, the average age of a first-time buyer in the UK is around 34 years old. This is higher than in previous generations, largely due to rising house prices, stagnant wages and tougher mortgage affordability checks.

However, many still buy in their 20s, especially with family support or by purchasing with a partner. Others choose to rent for longer while building up their savings.

Do First-Time Buyers Pay Stamp Duty?

Stamp Duty Land Tax (SDLT) is a tax you pay when buying a property in England or Northern Ireland. Fortunately, there is relief available for first-time buyers.

As of 2024, first-time buyers pay no stamp duty on the first £425,000 of a property’s value. If the home costs more than that but less than £625,000, you’ll only pay 5% on the portion above £425,000.

If the property price is over £625,000, you won't be eligible for the first-time buyer discount and the standard rates apply.

Scotland and Wales have their own systems: Land and Buildings Transaction Tax (LBTT) in Scotland and Land Transaction Tax (LTT) in Wales. Both have slightly different thresholds and rules for first-time buyers.

10 Tips to Get On The Property Ladder

1. Know Your Budget

Figure out how much you can realistically afford. Use mortgage calculators, factor in deposit, legal fees, stamp duty (if applicable), and moving costs.

2. Save for a Deposit

Aim for at least 5–10% of the property price. The bigger the deposit, the better your mortgage options. Set up a dedicated savings account or use a Lifetime ISA if you're in the UK – you get a 25% government bonus.

3. Check Your Credit Score

Your credit score impacts your mortgage eligibility. Check it for free, clear outstanding debts, and avoid taking on new credit before applying.

4. Cut Unnecessary Spending

Trim back subscriptions, takeaways, or impulse buys. It shows lenders you can manage money and helps you save faster.

5. Look into Schemes and Support

Depending on where you live, there may be help available:

• First Homes Scheme

• Shared Ownership

• Help to Buy

• Lifetime ISA These can lower the deposit needed or help with costs.

6. Get a Mortgage in Principle

Before you house hunt, get a mortgage in principle. It shows estate agents and sellers you're serious and gives you a realistic budget.

7. Be Open-Minded About Location

You might not be able to afford your dream area right away. Look for up-and-coming neighbourhoods or areas with good transport links.

8. Consider Fixer-Uppers

Properties that need work can be cheaper. If you’re handy or willing to renovate gradually, it could be a smart move – just budget for repairs.

9. Watch the Market – But Don’t Wait Forever

Track house prices and interest rates, but don’t try to time the market perfectly. If you’re financially ready and find a good deal, go for it.

10. Speak to a Mortgage Broker

A good broker can help you find the best deal, especially if your situation isn’t straightforward (e.g. self-employed, low deposit).

Final Thoughts        

Getting on the property ladder is a challenge, but it’s not out of reach. It starts with careful budgeting, long-term saving, and understanding the schemes and tax reliefs available to help first-time buyers. While the average age of first home purchase has risen, younger buyers can still achieve homeownership with the right support and approach.

Plan ahead, speak to a mortgage adviser, and start saving early. The sooner you begin, the closer you'll be to getting your foot on the ladder.