Research from the Building Societies Association shows the deposit barrier remains the single biggest obstacle stopping people from getting on the property ladder. Despite this, first-time buyer numbers rose by around 20% in 2025 compared with the previous year.
With so much conflicting information circulating about deposits, mortgages and affordability, many prospective buyers delay their first purchase simply because they believe it is harder than it is.
Heike O’Leary, Chief Sales & Marketing Officer for housebuilder, Tilia Homes, says many of the barriers buyers describe are based on outdated assumptions rather than the realities of today's market. "The first-time buyer journey has changed over the last few years, but a lot of the myths haven't caught up."
Here, the experts at Tilia Homes, a national new homes developer, separates fact from fiction on some of the most common first-time buyer misconceptions.
Myth 1: You Need a 20% Deposit
This remains one of the most persistent myths in the property market, and it puts many people off saving altogether. The average first-time buyer deposit across the UK sits at around 20% of the purchase price, but that figure is an average rather than a requirement. Mortgages are widely available from 5% deposit upwards, including through government backed schemes such as the Mortgage Guarantee Scheme.
"A smaller deposit naturally means a higher loan to value mortgage, which can come with different rates and terms," said O’Leary. "It also means buyers can get on the ladder years earlier than they otherwise would. We'd always point buyers towards an independent financial adviser to talk through what suits their own circumstances."
Myth 2: Saving Takes the Same Amount of Time Everywhere
Generic figures on deposit saving times rarely reflect the UK property market, regionally. Nationwide estimates it takes a typical buyer close to six years to save a 10 percent depositnationally, but that figure stretches to around nine years in London and shrinks to roughly four years in the North of England.
"Where you buy has a huge bearing on how quickly you can save," advised O’Leary. "Buyers fixed on a specific city sometimes overlook nearby towns where prices, and therefore deposits, are considerably lower for a very similar lifestyle and commute."
Myth 3: Mortgage Lenders Won't Consider You Without a Perfect Credit History
Many first-time buyers assume a single missed payment or a thin credit file will automatically rule them out of a mortgage. Lenders look at the full financial picture, including income, existing debt and spending habits, rather than relying on one factor in isolation.
"A poor credit score can affect the rates available, but it doesn't necessarily close the door," said O’Leary. "This is exactly the kind of detail a mortgage adviser can talk buyers through early on, well before they start house hunting, so they understand what is realistically achievable."
Myth 4: New Build Homes Are More Expensive Than Older Properties
On paper, new build prices can look higher than equivalent older homes in the same area, which leads many buyers to dismiss them without looking at the full cost picture. New homes typically come with lower energy bills thanks to modern insulation and efficient heating systems, fewer unexpected maintenance costs in the early years, and access to buying schemes that are not available on the second-hand market.
"When you factor in running costs and the schemes designed specifically for new build buyers, the gap often narrows or disappears altogether," said O’Leary. "It is always worth comparing the total cost of ownership rather than just the asking price."
Myth 5: You Have to Buy Alone or Wait Until You Can Afford Everything Outright
The image of a lone buyer saving for years before taking their first step onto the ladder no longer reflects how most people buy today. Over a third of first-time buyers received some financial help from family in the past year, and joint applications now account for the majority of first-time purchases.
"Buying with a partner, friend or family member can change what is achievable, both in terms of deposit and the borrowing a lender will consider," said O’Leary. "There is no single route onto the property ladder, and buyers shouldn't feel they have failed if their path looks different to someone else's. Anyone weighing up their options is best speaking to a financial adviser who can look at their full picture."
"Many of the barriers people describe to us are related to perception rather than reality," shared O’Leary. "Once buyers understand the actual figures and the support available, the property ladder often turns out to be far more reachable than they assumed."
