Despite strong appetite for homeownership, many would-be buyers remain locked out of the market due to affordability pressures, low confidence, and a lack of awareness about support schemes, according to research from Shawbrook.
The lender’s Home A-Loan report found that 77% of aspiring homeowners plan to buy within the next five years, yet many feel unprepared to do so.
Nearly one in three respondents (31%) believe the Government should offer more help for buyers, while 20% admit they are unaware of any existing support such as the Lifetime ISA, Help to Buy, or Right to Buy schemes.
Access to advice remains limited, with only 10% of potential buyers having sought financial guidance and 12% citing lack of mortgage advice as a major barrier to buying.
Affordability remains the biggest hurdle, with 43% of respondents naming it as their main challenge and 41% pointing to high house prices.
Confidence is also low, as just 20% of people said they are completely confident about securing mortgage approval, falling to 10% among those with adverse credit histories.
Steve Griffiths, commercial director for retail mortgages at Shawbrook, said: “Our research makes clear the growing mismatch between people’s desire to buy and their readiness to do so.
“While many are aspiring to buy in the near future, a combination of issues with affordability, awareness of available support and a lack of confidence is stopping them from taking that crucial first step.
“The property market remains tough, particularly for those without access to family help or significant savings.
“However, it’s heartening that so many people plan to buy in the coming years — and the right advice and specialist mortgage solutions can make all the difference.
“Lenders and brokers must work together to make guidance more accessible, and to provide products that reflect the financial realities of first-time buyers today.”
