Rishi Sunak proposes '1% deposits' for first-time buyers — but is it a good idea?

Rishi Sunak and Michael Gove standing outside the front of some newly built brick houses
Rishi Sunak is proposing a "1% deposit" for all first-time home buyers in an effort to help families get on the housing ladder (Image credit: Getty Images)

Rumours have spiralled that the government is looking to introduce 1% deposits for first-time buyers to help those struggling to get onto the property ladder. 

The decision comes after it was revealed that the number of first-time buyers in 2023 was 100,000 less than the previous year with the average age of a first time buyer increasing to 34.

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David Hannah

David specialises in providing guidance on Stamp Duty Land Tax (SDLT) and other taxes related to property transactions. David extends his advice and strategies to clients of solicitors, accountants, banks, wealth managers, and trust companies both in the UK and internationally.

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Michelle Lawson

Michelle is fully CeMap qualified (Certificate in Mortgage Advice and Practice). Her wealth of knowledge and expertise is reflective with her reputation locally and nationally as an expert mortgage advisor.

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Jonathan Rolande

Throughout his 30-year career, Jonathan has completed over 700 property purchases and sales, providing thoughtful and measured insights into the dynamic and sometimes unpredictable world of real estate. Leveraging his unparalleled experience across various aspects of the sector, Jonathan is a respected authority featured in national press, trade journals, television, and radio. In 2013, he established The National Association of Property Buyers, demonstrating his commitment to enhancing standards for property buyers.

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Mark Harris

A founding member of Savills Private Finance in 1997, later rebranded to SPF Private Clients after a management buyout in 2011. In August 2022, SPF joined the Howden Group. He specialises in high-value mortgages and intricate finance arrangements in the UK and internationally. He regularly offer insights on the mortgage market for both national and international press, as well as financial publications.

Joseph Mullane
News Editor

News Editor Joseph has previously written for Today’s Media and Chambers & Partners, focusing on news for conveyancers and industry professionals.  Joseph has just started his own self build project, building his own home on his family’s farm with planning permission for a timber frame, three-bedroom house in a one-acre field. The foundation work has already begun and he hopes to have the home built in the next year. Prior to this he renovated his family's home as well as doing several DIY projects, including installing a shower, building sheds, and livestock fences and shelters for the farm’s animals. Outside of homebuilding, Joseph loves rugby and has written for Rugby World, the world’s largest rugby magazine.