The 'Your First Home' scheme aims to assist first-time buyers in England by allowing smaller deposits. With the average UK house price at £272,000, a 5% deposit amounts to approximately £16,850, prompting experts to suggest various savings strategies.
Among the methods highlighted are regular savings accounts, Lifetime Individual Savings Accounts (LISAs) with government bonuses, and the potential for investing in stocks. Additionally, some lenders are offering mortgages with minimal deposits, while parental support remains a common avenue for many first-time buyers.