Proposition innovation from lenders will also play a key role in the transition from Help to Buy. Family mortgages are a sensible pathway for lenders – as it is safe to assume that financial support from families will continue to be a major factor in the next generation.
Our research has shown that in 2019 alone, the 'bank of mum and dad' is expected to support more property transactions than Help to Buy has since its introduction in 2013.
This is likely to continue, with donations from family and friends increasing and the trend of gifting inheritance early, by raising funds via equity release.
In this sense, the role of family members will support not only deposit requirements, but in some cases guarantee mortgage affordability requirements.
Lastly, it will become increasingly important for first-time buyers to get the right advice for alterative options. For example, we know from our research that nearly a third (31 per cent) of borrowers going direct to a lender did not know how a mortgage adviser could help their mortgage search.
As an industry, we need to be working hard to educate consumers about the wide range of options available to them and how they can benefit by speaking to a broker about the different options available.
Here is a window of opportunity for brokers.
The value of advice will be crucial post-Help to Buy, as many borrowers will need to be re-educated on the options available.
Yet this is also a time for the industry to work together on building new products and propositions to fill the gap.
Help to Buy was never meant to be a permanent fix, it was about stimulating the market.
Ultimately, it is now up to us to explore the different avenues available ahead of time.
Craig Hall is head of broker relationships and propositions at Legal & General Mortgage Club