Strong appetite for homeownership remains across the UK but new research suggests many aspiring buyers are struggling to turn ambition into action – held back by affordability pressures, low confidence, and a lack of awareness of available support schemes.
Shawbrook’s latest Home A-Loan report finds that more than three-quarters (77%) of would-be buyers plan to purchase a home within the next five years.
Yet despite this determination, many remain uncertain about how to take the first step. One in five (20%) potential buyers are unaware of any government or financial support available to them, and almost a third (31%) believe more help should be offered.
The report highlights a persistent advice gap. Just one in ten aspiring buyers (10%) have sought professional help to improve their finances, while 12% cite the lack of access to mortgage advice as one of the biggest barriers to homeownership.
AFFORDABILITY ISSUES
This lack of guidance, Shawbrook says, risks compounding affordability issues at a time when higher interest rates and rising living costs continue to squeeze budgets.
Affordability concerns dominate the findings. Nearly half of respondents (43%) identify general affordability as their biggest obstacle, and 41% point directly to high house prices as the main deterrent.
Confidence is also low: only 20% of prospective buyers feel certain they would be approved for a mortgage, falling to just 10% among those with adverse credit histories – a group that often includes younger or lower-income individuals.
GROWING DISCONNECT
Steve Griffiths, commercial director for retail mortgages at Shawbrook, says the findings highlight a growing disconnect between aspiration and readiness.
He adds: “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.”
FIRST-TIME BUYER SUPPORT
Shawbrook’s findings come amid ongoing debate over how to support first-time buyers in an environment of higher borrowing costs and limited supply.
With many potential purchasers willing but unable to proceed, the report suggests the next phase of housing policy and financial innovation may depend as much on improving confidence and advice as on addressing affordability itself.
