According to comments by the Bank of England, interest rates could be going up as soon as the month of May this year. This comes on the heels of a standard base rate hike which took place in the month of November of last year. At that time, the base rate was increased from 0.25% to 0.5%. This was intended to gain control of rapidly rising inflation. At this time however, inflation remains high, hence talk of another rate rise. Another rate rise means more challenges for an already struggling first time buyer group.

First time home buyers face financial struggles unlike other groups of home buyers. Not only are they trying to navigate a fresh world which may include a new job, recent completion of university, first big relationship, car ownership, and other responsibilities, they are also attempting to break out from the shadow of mum and dad. This is a major task for most if they are dealing with just one of the list items.

Increased interest rates means higher cost applied to a group which is already struggling to keep up with everyday expenses. Add in down payment, closing costs, flat inspection fees, and access to the property ladder for first time buyers becomes a mountain of effort.

There are still government programmes designed to assist those in search of access. With the potential of a rate rise in the near future, these programmes should be researched and taken into consideration. It is possible for first timers to reach the first rung of the ladder. It just requires some careful planning, budgeting, and grit.