With the housing market slowing down due to a lack of available funds for lenders, mortgages with low deposits are hard to come by.
But a scheme in which the government buys a 25 percent stake in a property could be a solution.
Fleetwood estate agent Bryan Simpson, proprietor of Simpsons in Lord Street, said: "The way in which I see shared equity scheme working would mean the government charging a rental rate for the 25 percent stake with the first time buyer securing a mortgage for the other 75 percent.
"It would be a self-financing scheme for the government.
"The additional stake could be sold back at a later date, in line with any increase in property prices."
Other ideas to encourage movement in the housing market include temporary tax relief on mortgage interest and stamp duty holiday for first time buyers.
Added Bryan: "Stamp duty relief wouldn't help many first time buyers in Fleetwood because it isn't paid on properties less than £125,000.
"It would be a forward step for the rest of the country but it wouldn't make much difference here.
"Temporary tax relief on mortgage interest would be a help though."
Peter Bolton King, chief executive of the National Association of Estate Agents said: "Tax relief would at least ease the difficulty that people are facing and give them the confidence boost that is needed to the market to get back on a more positive footing."