First-Time Buyer in Devon? Here’s What Has Changed in 2026
The property market in Devon has never been straightforward for first-time buyers. Prices along the South West coast have consistently outpaced wages, and the competition from second-home buyers and remote workers has made securing a foot on the ladder feel increasingly out of reach.
But 2026 has brought some significant changes, and if you’re hoping to buy your first home in Devon this year, it’s worth understanding exactly where you stand.
What’s Changed with Stamp Duty?
From April 2025, the temporary stamp duty relief that first-time buyers had enjoyed since 2022 was revised. First-time buyers now pay no stamp duty on properties up to £300,000, and a reduced rate on the portion up to £500,000. On a £350,000 property, fairly typical for Devon outside the major urban centres, this means a saving of up to £5,000 compared to the pre-relief position.
However, given that many desirable Devon properties now exceed £400,000, it’s important to understand exactly what you’ll owe and factor this into your deposit planning. This is something a good mortgage broker can run through with you in minutes.
Are Mortgage Rates Improving?
After two difficult years, the rate environment has become more stable. While we’re unlikely to return to the historic lows of 2020–2021, lenders are competing more actively for first-time buyer business, and fixed-rate deals have become more competitive. The key is knowing which lenders offer the most favourable criteria for your specific situation, employment status, deposit size, and income structure all matter enormously.
The 5% Deposit Question
Several lenders continue to offer 95% loan-to-value mortgages for first-time buyers, though the rates are naturally higher than those available with a 10% or 15% deposit. If you’re weighing up whether to buy now with 5% or wait another year to save more, that’s a conversation worth having with a broker, the calculation isn’t always as simple as it looks.
Help to Buy is Gone, What are the Alternatives?
The Help to Buy equity loan scheme closed in 2023. However, the Lifetime ISA remains a powerful savings tool for first-time buyers, offering a 25% government bonus on up to £4,000 saved per year (maximum bonus: £1,000 per year). If you’re under 40 and not yet on the ladder, this is worth prioritising now.
Some lenders also offer shared ownership options, which can be a useful route in higher-priced Devon postcode areas where full ownership feels unachievable.
Why Work with a Local Mortgage Broker?
The national comparison sites give you rates, but they don’t give you advice. A local mortgage broker, working across the Devon market, understands what lenders are actively approving in your area, knows which applications are likely to be viewed favourably, and can guide you through the process from Decision in Principle through to completion.
At Riviera Mortgages, we’ve helped hundreds of first-time buyers get onto the Devon property ladder. Whether you’re just starting to think about it or ready to make an application, we’re happy to have an honest conversation about your options.