1 in 4 young buyers unaware of Help to Buy

One in four young home buyers are unaware of Help to Buy, reveals a new survey from the Home Builders Federation.

Today’s generation of Snapchatters and Facebookers are no less interested in owning a home – 84 per cent of 18-34 years olds still want to own their own home, despite the financial obstacles in their way. 73 per cent cite the difficulty of saving for a deposit as a major headwind, while 69 per cent property prices and 53 per cent note the difficulty of getting a mortgage.

Surprisingly, though, one in four 18 – 34 year olds are “totally unaware” of any government support available to them, such as the 5 per cent deposit Help to Buy equity loan scheme or the Help to Buy ISA, aimed at helping young people save for a deposit.

Nonetheless, younger people today are more concerned than their elders about the running costs of homes with two-thirds of 18-24 year olds taking this into account when considering whether to buy compared to 40 per cent of 35-44 year olds. Younger people are also much more likely to consider buying a new build, which are up to 50 per cent cheaper to run than some second hand homes.

The research was published to launch New Homes Week 2016, an industry-backed initiative aimed at addressing some of the misconceptions about new build homes. With 34 per cent of people polled saying they have never visited a new build or a show home and a further 18 per cent saying they hadn’t for at least 10 years, the industry faces a huge challenge engaging with the public to explain the many benefits of today’s modern, high quality new build homes.

“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 10 year warranty. But the real benefit for many first time buyers is the affordability of the whole process,” says the HBF.

“Schemes like Help to Buy really make home ownership an option for many who it would otherwise be an impossible dream. And once in a new build, everyday living in terms of running costs, bills and not needing to spend thousands on upgrades mean people can enjoy living in their new home and not have to scrape by.”