The majority of 18 to 34-year-olds still want to own their own home but one in four are unaware of government schemes to help them on to the property ladder, according to the Home Builders Federation.
A report from the HBF – Why buy new? Home Buyers intentions and opinions – found financial worries are the main concerns of would-be first-time buyers, with 73% citing the difficulty of savings and 69% blaming property prices.
The poll of more than 2,000 people found just over half (53%) also cited the difficulty of getting a mortgage.
Despite the concerns, one in four 18 to 34-year-olds were totally unaware of any government support available to them, such as the Help to Buy equity loan scheme, which provides backing for a 5% deposit mortgage on a new-build home, and the Help to Buy Isa aimed at helping young people save for a deposit.
The research was published to coincide with this week’s New Homes Week 2016, an industry-backed initiative aimed at addressing some of the misconceptions about new-build homes.
A third of respondents polled by the HBF said they have never visited a new-build or a show home with a further 18% saying they hadn’t for at least ten years.
Stewart Baseley, HBF executive chairman, said: “In the midst of a housing crisis, the prospect of getting on to the property ladder can seem like a distant possibility to many people. But there are options available to today’s young people. Due to Government schemes buying a new build home is a real possibility for people.
“New-build homes have so many great benefits, from the high build quality and brand new fixtures and fittings, to the low running costs and added bonus of a ten-year warranty. But the real benefit for many first-time buyers is the affordability of the whole process.”