House prices within the UK market have been anything but kind to those looking to purchase property whether it is as a first time buyer or simply to move home. Prices have been on an upward trajectory for years and not offered any relief to those looking for a bargain. That is only one aspect of buying which is making home ownership for first timers a major challenge.

First time buyers are looking for an opportunity to purchase property with the enthusiasm of a child during the holiday season. An affordable home has become such a rarity within the first time buyer community that it appears as a present when it does take shape. With prices skyrocketing and wages suffering from stagnation, first timers are up against a wall with no easy answers.

In the latest message from the government, new house building is expected to ramp up and provide relief to the growing problem of shortage of available properties for purchase. By the mid 2020s, more than 300,000 new homes are projected to enter construction per year. First timers are searching for a way to reach the first rung of the property ladder now.

A growing number of potential first time buyers are remaining in their homes and living for years with mum and dad. This time makes it possible for the group to save money and keep looking for a more suitable place to settle in. Rental property activity continues to increase as more and more rental properties are becoming the best option to purchasing a first property.

First time buyers are seeking relief to the challenges they are facing and have just received one in the form of the omission of the stamp duty. This will likely aid those searching for their first property and make it possible for many to reach the elusive first rung of the property ladder.