First-time homebuyers remain unaware of affordability schemes

June 6, 2024 by Alan

Home owners

Research has shown that one out of every five people who are looking to buy a first home do not know about the various affordable homeownership schemes available to them.

This research was carried out by Barratt Developments PLC. The results indicate that a total of 20% of the first-time homebuyers who took part in it do not know anything about existing affordability schemes. The building firm is suggesting that people do not know enough about schemes of this kind that could benefit them because the Government has not been sufficiently proactive in raising awareness of them.

That appears to be supported by the fact that the number of Google searches using terms such as ‘first-time homebuyer ISA’ and ‘first-time homebuyer schemes’ rose by 70% and 5000% respectively after the Prime Minister announced the election.

In an interview conducted by Financial Reporter, Barratt Developments Chief Executive David Thomas stated that:

“It’s clear that the housing crisis will be front and centre in this election, and we look forward to seeing positive policies from all parties aimed at increasing housebuilding, supporting people onto the property ladder.”

According to the Barratt research, 88% of people trying to buy their first home do not know about the mortgage guarantee scheme. During the past year, just 2,900 Google searches per month have been conducted for it.

This is an example of why going to a mortgage advisor who has the CeMAP qualification can make a big difference for first-time buyers.