46% of first-time buyers are considering affordable housing schemes to help them onto the property ladder, according to research from Lloyds TSB.
15% first-time buyers would not have previously considered the schemes, but have changed their view due to the economic downturn.
Meanwhile, more first-time buyers say they have an understanding of shared ownership (81%) than shared equity schemes (64%). However, there is a lack of awareness around the availability of local schemes, creating a barrier for first time buyers.
25% said their primary reason for considering such a scheme was that it makes or would make their monthly mortgage repayments more affordable while 24% said it allowed or would allow them to buy in an area which would otherwise have been unaffordable.
However, despite relatively good levels of understanding, four in 10 first-time buyers are unaware of the affordable housing schemes available to them in their local area. Those living in the East are the most aware in England of the availability of local schemes, with only 30% unaware.
“Affordable housing schemes play a key part in helping first-time buyers onto the property ladder, and our research shows that almost half of them would now consider signing up to buy their first home,” said Stephen Noakes, director of mortgages at Lloyds TSB.
“However, many more may be unaware of how these schemes can help them onto the property ladder, or indeed the availability of them in their local area.”