Despite strong demand for homeownership, many aspiring buyers remain unable to take the first step onto the property ladder, with affordability pressures, low confidence and limited awareness of support schemes all contributing to the problem.

New research from Shawbrook shows that more than three-quarters of potential buyers (77%) plan to buy a home within the next five years. Yet many admit they are unprepared to do so, citing a range of financial and psychological barriers.

The lender’s latest Home A-Loan report, which explores the challenges facing current and prospective buyers, found that nearly a third (31%) believe the government should provide more assistance for homebuyers.

However, existing schemes such as the Lifetime ISA, Help to Buy and Right to Buy are often overlooked. One in five would-be buyers (20%) say they are unaware that any such support exists.

The lack of professional guidance also appears to be limiting progress. Only 10% of potential buyers have sought help to improve their finances, while 12% say that the lack of access to mortgage advice is one of the biggest barriers to homeownership.

Affordability remains a central concern. Forty-three per cent of respondents cited general affordability as their main obstacle, while 41% said high house prices specifically were preventing them from buying.

LOW LEVELS OF CONFIDENCE

Confidence is also in short supply. Only one in five people (20%) said they were completely confident of being approved for a mortgage, falling to just 10% among those with a history of adverse credit – a group that often includes younger or lower-income individuals.

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 to this happening.

“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.”