Getting onto the property ladder can feel overwhelming, but with the right preparation, advice, and knowledge of first-time buyer schemes, you can make the process smoother and more affordable.

Start to save for a house deposit as soon as you can. The average age of being a first-time buyer is now 33, so starting to save can give you an advantage. The average deposit for a first-time buyer stands at £68,154, according to mortgage data from UK Finance in early 2025. It’s also worth looking into first-time buyer schemes and Lifetime ISAs.

Speaking to a mortgage advisor can be beneficial as they will look at your finances and help you to assess how much you will be able to borrow. Getting a mortgage offer in principle shows sellers your finances are ready making you an attractive buyer.

Ensure that you are researching the areas you want to buy your home in find your ideal location – this allows you to understand what sort of property you can get for your money in that particular area.

By having your paperwork ready to go it can help the process be as smooth, efficient and quick as possible. You will be required to show documents such as ID and proof of address. You should also be ready to instruct a solicitor.

House purchases rarely stick to the expected timeline and its one of the biggest financial commitments you’ll make in your life so it’s important not to rush the process.

What is shared ownership?

Shared ownership is a scheme mostly aimed at first-time buyers, making it easier to make the first step onto the property ladder. You purchase a portion of the property, usually 25% - 75% and pay rent on the remainder. You therefore don’t own the entire property, but only a portion of it. To qualify for this, you need:

  • a household income of £80,000 or less (£90,000 in London)
  • you must not be able to afford to purchase a suitable home on the open market
  • you are not in mortgage or rent arrears
  • you have a 5–10 per cent deposit for your share of the property

Shared ownership properties also come with additional costs such as service charges (cover the cost of caretaking and maintenance of communal areas) and ground rent. Service charges can go up or down and they can vary from year to year.

Staircasing refers to the process of being able to buy different shares of the property as and when you can afford them, which can result in you eventually owning 100% of the property. However, when purchasing new segments of the property you will need to consider legal factors such as paperwork and fees.

Selling a shared ownership home? Even if you don’t own 100% of it, you can still sell the full value of your property using a process called simultaneous staircasing.

What Is It?

Simultaneous staircasing lets you sell your home outright (100%) to a buyer, even if you currently own just a share of it. On completion day, you use the buyer’s funds to purchase the remaining share from the housing association, then sell the property in full. This process is handled by your solicitor.

Key benefits

  • More Buyers: Unlike traditional shared ownership sales, the buyer doesn’t need to meet eligibility criteria.
  • Wider Market Appeal: You can market the property as a full sale, opening it up to more potential buyers.

Things to note

  • You must sell at market value based on an RICS valuation.
  • This process usually incurs extra legal costs compared to a standard assignment sale.
  • It's handled by your solicitor and coordinated with the housing association.