The removals company surveyed 1000 people and also found that 11% of the key demographic believes the Help to Buy scheme is a new web service to help online traders shop more securely on sites such as eBay.
When asked ‘What is the Help to Buy scheme?’, respondents were given a list of five options, and less than half of 18-24 year olds (42%) answered that ‘Help to Buy is a government scheme to help first-time buyers onto the property ladder’.
It isn’t until you reach over the age of 45-years old when people fully understand what the scheme is. Some 85% of those aged 45-54 and 94% aged over 55 knew exactly what Help to Buy is.
Chris Marshall, Bishop’s Move sales and marketing director, said: “With Help to Buy targeted towards first-time buyers, 18-24 year olds is a key demographic for the scheme.
“However, these stats will prove alarming for government officials who are relying on ‘Help to Buy’ to ensure people fulfil their ambitions of owning a property.
“It is a concern to see that is isn’t until you reach over the age of 45 where people know exactly what Help to Buy; yet this demographic is very likely to be filled with property owners already.
“Clearly there needs to be some amendments in the way the government targets Help to Buy towards our younger generations to ensure they are fully aware of the options available to them.”
Earlier this week Bishop’s Move’s research also found that nationally almost a quarter of homeowners (22%) or those looking for property haven’t even heard of the Help to Buy scheme or didn’t understand what it does.
