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03 Sep, 2019/ by Homeward Legal /First Time Buyer

First-time buyers are more aware than ever of schemes that can help them get on the property ladder.

However, two-thirds of first-time buyers say they often feel they are trapped in renting because of the affordability gap.

Research carried out in advance of this week's First Time Buyer Home Show in Manchester has revealed that first-time buyers are clued up on the Government's Help to Buy schemes, such as shared ownership and ISAs.

Focus on deposit

Two-thirds of those quizzed (65 percent) said they intended to use one of those schemes when buying.

One in 10 have been saving for seven years or longer to get their home deposit together, reflecting higher house prices and stricter affordability criteria from lenders. Eight out of 10 (81 percent) say they don't spend on luxuries, cutting out nights out and holidays to focus on saving to buy a home.

More than half (54 percent) intend to buy with a partner with 42 percent striking out on their own as a homeowner.

Strong desire for home ownership

Lynda Clark, editor of First Time Buyer Magazine who commissioned the research, said: "What is clear from our survey is that there is still a strong desire to get on the property ladder, and home ownership is a priority for many.

"But we can now see an increased awareness of many of the new home-buying schemes available that have become more accepted by buyers over the last decade.

"While we expect that in order for first-time buyers to save there may be some sacrifices to be made, we were shocked to find out just how high this number way with four in every five prospective home buyers having to give up on nights out, takeaways or holidays."

The First Time Buyer Home Show takes place on Saturday, September 7 at the Union at Manchester Metropolitan University.

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