By Richard Dana

For too long, we’ve been telling first-time buyers that hard work, careful saving, and patience will lead them to homeownership.

But this is no longer enough. The rising cost of property, stagnant wages, and the phasing out of government support mean the goalposts are not just moving, they’re disappearing altogether.

With the Chancellor now confirming that the Budget will take place on 26 November, first-time buyers will be watching closely. This moment matters: it’s a chance to show that the government recognises the mounting pressures facing young people who want to own a home and to deliver practical support where it’s most needed.

A Dying Aspiration

Homeownership is a distant dream for many people right now. The average age of a first-time buyer is now 34, up from 31 two decades ago, and the proportion of households aged 25 to 34 owning their home is now just 39 per cent, down from the peak of almost 60 per cent in 2000.

Why does home ownership matter so much? Well, data shows that someone who owns a home will be £350,000 wealthier over a 30-year period than someone who rents. We also know that, despite the obstacles, the desire to be a first-time buyer remains strong - according to the English Housing Survey, 71 per cent of young renting households expect to buy their own home at some point.

We need some positive changes from the government to help first-time buyers reach this life milestone. The barriers to homeownership are deeply........

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