Many aspiring house buyers are struggling to take the first step onto the property ladder, new research by Shawbrook has highlighted.

Despite more than three quarters (77%) of potential house buyers aiming to purchase a home in the next five years, Shawbrook revealed, barriers including affordability, low confidence, and a lack of knowledge of the available support schemes are all standing in their way.

The bank’s findings, based on a study of 2,010 UK adults, revealed that 31% of people believe the Government should offer more support for buyers. However, Shawbrook suggested that existing schemes such as the lifetime ISA, Help to Buy, and Right to Buy are often underutilised – with one in five (20%) would-be buyers unaware of any support available to them.

The research also indicated that access to advice was also a key gap, with just 10% of aspiring buyers saying they had sought help to improve their finances, and 12% stating that the lack of access to mortgage advice is one of the biggest barriers to homeownership.

Commercial director for retail mortgages at Shawbrook, Steve Griffiths, said: “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.”

Shawbrook’s research also saw 43% of people cite general affordability as their main barrier to homeownership, and 41% saying high house prices are preventing them from buying.

However, the bank’s findings also suggested that confidence is a key issue. Only one in five (20%) of people were completely confident in getting approved for a mortgage, a figure that dropped to just 10% of people with adverse credit histories.

“The property market remains tough, particularly for those without access to family help or significant savings,” Griffiths added.

“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.”

---