Prospective first-time buyers said that raising a deposit was the biggest hurdle to homeownership.
Over one in four (29%) prospective first-time buyers claimed that getting onto the property ladder is difficult, Aldermore’s First Time Buyer Index has found.
Nearly two-thirds (64%) believe achieving homeownership is currently a pipedream for them.
Damian Thompson (pictured), director of mortgages at Aldermore, said: “First-time buyers are a key driver of the mortgage market and the desire to own your own home remains a strong aspiration in the UK.
“It is concerning to see so many first-time buyers find the home buying process difficult and stressful, especially as by contrast they are overwhelmingly positive about actually becoming homeowners.
“Understanding the difficulties and unique challenges this generation of new buyers face is vital so the industry can work better together with brokers to make the journey as enjoyable and rewarding as the destination.
“At Aldermore, we provide a personal approach to lending that guides new buyers through the process and considers each case on an individual basis.
“Making the home buying process an easy to navigate and inclusive process, that doesn’t put barriers in the way of worthy borrowers, should be what the industry is working towards.”
Over a quarter (28%) of those looking to buy their first home said raising a deposit was the biggest obstacle to doing so, a decrease from 40% in 2018.
Finding an affordable property was seen as the second largest hurdle (23%).
One in four (28%) prospective homeowners said their family are putting them under pressure to own a property and 60% feel that buying a house is expected of them at their current age.
In addition, nearly a third (29%) are living with friends or family to help save for a deposit.
A third (32%) of recent first-time buyers experienced a property sale fall through before buying.
