It can be difficult for first time buyers to get their feet onto the property ladder. With high house prices, unachievable mortgage deposits and lenders looking for low risk investments, the prospect of buying your own home can seem very daunting. Therefore, people looking to get their foot on the first rung of the property ladder may find Shared Ownership (sometimes known as Part Buy Part Rent) is an attractive option.

Robert Dibb, director at mortgage advice specialists Advoco Financial, has noted this approach has numerous advantages for first-time buyers (FTBs). Mr Dibb explained the method means buyers will not have to stump up a huge deposit because they only need the money based on their share, as opposed to the sum for the full purchase price.

While some FTBs may have a negative view towards shared ownership, this could be because they do not fully understand the product and how it works. "Shared ownership is probably one of the older schemes that is still knocking around, but it is one of the ones that is probably most useful," Mr Dibb added.

His comments come after shadow chancellor Ed Balls proposed at the Labour Party Annual Conference that a stamp duty holiday should be introduced for FTBs buying homes worth up to £250,000.