45% of would-be first-time buyers believe they are now more likely to get on the housing ladder because of the government’s FirstBuy scheme, according to new research from Rightmove.

However, while 59% stated that they had previously heard of the scheme, 37% of first-time buyers stated that they had not. Of those that were aware of the scheme, 22% said they did not understand whether or not the scheme could help them to purchase for the first time.

The FirstBuy initiative was fully launched in September. It allows first-time buyers to purchase a new-build property using just a 5% deposit, with a further 20% deposit provided in the form of a five year interest-free loan jointly funded by the government and the house builder.

Miles Shipside, Rightmove’s director, said: “FirstBuy was introduced to help more first-time buyers get onto the property ladder