One in five (20%) first-time buyers lack awareness of affordable home ownership schemes, research from Barratt Homes has revealed.
The study explored the most sought-after affordable home ownership options, and the number of first-time buyers unaware of the accessible pathways to home ownership.
Despite generating an average of 40,500 monthly online searches, 58% of first-time buyers were unaware of the Shared Ownership scheme and its potential benefits.
Likewise, Lifetime ISAs consistently generated the highest monthly search volume (74,000) among the existing affordable home ownership schemes, but more than half of first-time buyers were not taking advantage of its benefits.
Steve Mariner, sales and marketing director at Barratt Homes, said: “Affordable home ownership schemes are great for helping first-time buyers get onto the property ladder, and having a variety of schemes available means that they can choose the best fit for them, depending on their circumstances.
“We have just launched a new Shared Ownership scheme with Legal and General Affordable Homes called Kickstart so prospective buyers have even more options to explore.
“With schemes like these, your deposit is lower, your mortgage is smaller, and you can buy a larger share in your future.”
He concluded: “However, first-time buyers need to understand the ins and outs of each scheme first before deciding which would work best for them.
“This is why speaking to mortgage experts for guidance is always recommended.”
