Sarah Jane Lake rents a flat in Waterlooville, Portsmouth, with Steve Hobbes, her partner. The couple, both 22, have seen several two-bedroom properties that they would love to buy but are unable to get a mortgage. They will have to save for at least a year before they can afford the sizeable deposit that banks now demand.

Miss Lake, who works as a recruitment consultant earning £24,000 a year, welcomed any boost to the market and is keen to find out about the savings scheme aimed at first-time buyers in the PreBudget Report. “The only issue that I would have with a savings scheme is that I would need to be able to access it in hard times.”

The couple are £187 better off because of the tax and national insurance measures, although the increase in duty on alcohol and petrol will reduce the amount the couple stand to gain. “I’m pleased we are saving some money over the year, although it probably won’t be very noticeable over the 12 months,” Miss Lake said.

She added that the reduction in VAT will “definitely help with Christmas shopping”.

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