As we await the Autumn Budget, first-time buyers across the UK are hopeful the government will introduce new measures to ease their path onto the property ladder.
Rachel Reeves, Chancellor of the Exchequer, will deliver the first Autumn Budget from the new Labour government on 30 October.
With rising house prices and higher mortgage rates, the housing market has become more challenging for many, especially in Plymouth and the wider South West.
While the details of the Budget are still to be revealed, there is speculation that support could be on the way for first-time buyers.
Here, Lang Town & Country explores what might be included in the Budget and how it could impact first-time buyers in Plymouth.

What could be in the Autumn Budget for first-time buyers?
Although the government has yet to announce the specifics, several key measures have been discussed which could offer a lifeline if you are trying to purchase your first home:
- Help to Buy replacement: There has been speculation about a potential replacement for the Help to Buy scheme. A new initiative could focus on supporting first-time buyers with deposits, particularly for new-build properties, which are often more affordable for those entering the market.
- Stamp Duty relief: Some expect that the government may extend or adjust the current Stamp Duty relief for first-time buyers to ease the process of buying your first home. An extended threshold would allow more people to benefit from reduced or eliminated Stamp Duty costs.
- Support for affordable housing: The South West has seen increased demand for housing, and there is hope that the Budget will include additional funding for the construction of affordable homes. This could help ease the pressure on the local market and provide more options for first-time buyers in Plymouth.
- Mortgage support: In response to higher mortgage rates, there is also speculation that the government may extend the mortgage guarantee scheme, which could help buyers with smaller deposits secure a loan. This would be especially helpful in markets like Plymouth where house prices have soared in recent months.

The challenges facing first-time buyers in the South West
While potential measures in the Autumn Budget are promising, the market remains tough for first-time buyers.
Plymouth and much of the South West have experienced significant house price growth in recent years, partly driven by an influx of buyers relocating from larger cities.
This trend, accelerated by the rise in remote working, has seen people from areas like London and Bristol seeking more affordable homes in coastal towns such as Plymouth. While this shift benefits sellers, it has made the market more competitive for local first-time buyers.
James Clarke, Land & New Homes Director at Lang Town & Country, says: “In recent years, first-time buyers have found themselves in a challenging situation. Personally, I would advise that if you are a first-time buyer, make sure you get mortgage advice at the earliest opportunity.
“This way you’ll get an idea of the monthly costs involved in having a mortgage and running costs of the property.”

Practical advice for first-time buyers in Plymouth
While we wait for the official Autumn Budget announcement, there are steps you can take now to improve your chances of securing a home in Plymouth’s competitive market:
1. Get mortgage advice early
As James says, it’s crucial to seek mortgage advice as soon as possible. This will help you understand your borrowing capacity and give you a clearer picture of what your monthly mortgage payments will look like. Mortgage brokers can also help you identify any government schemes that could assist you in securing a loan.
2. Research the local Plymouth property market
The housing market can vary greatly by region, and understanding local trends is key. In Plymouth, house prices have been rising, but local estate agents can offer valuable insights into areas where properties are still relatively affordable for first-time buyers.
3. Consider new builds
New-build homes often come with incentives like the Help to Buy scheme (or its potential replacement). New builds in the South West, including Plymouth, are designed with energy efficiency in mind, meaning lower running costs. This could offset the initial outlay and help you manage your monthly expenses more easily.
4. Prepare for additional costs
Remember that buying a home involves more than just the deposit and mortgage payments. You’ll also need to budget for legal fees, moving costs, and other expenses like surveys. Planning ahead for these costs will help ensure you don’t face unexpected financial strain during the process.
5. Be patient and flexible
The property market can be unpredictable, so it’s important to stay patient and open to compromise. You may need to adjust your expectations on location, property size, or features, but by remaining flexible, you increase your chances of finding a home that meets your needs and budget.

I’m thinking about buying my first home. What’s the first step?
If you’re a first-time buyer in Plymouth, our Lang Town & Country team is here to guide you.
To get you started, here are 10 questions you need to ask as a first-time buyer.
If you’d like some more advice, please do get in touch using the contact details below:
- Plymouth Sales – 01752 256000 / Property@langtownandcountry.com
- Plymstock Sales – 01752 456000 / Plymstockoffice@langtownandcountry.com
- Waterside – 01752 200909 / Waterside@langtownandcountry.com
- Lettings – 01752 201010 / enquiries@langtownandcountry.com
- Land & New Homes – 01752 278499 / newhomes@langtownandcountry.com