The poll identified that nearly 50 per cent of people surveyed aged between 55 and 64 – the group most likely to have grown-up children – did not understand shared ownership plans.
The lack of knowledge of home ownership options among the older generation, who are often the first port of call on property matters for their children, comes as many FTBs are priced out of the market. Only 28 per cent of those polled under the age of 24 understood the shared ownership scheme.
Kate Worley, head of sales and lettings at East Homes, said: “Many older people are not in a position to advise their children about affordable home ownership schemes that could get them onto the property ladder.
“We are working on activities that will help close this knowledge gap and reassure people that New Build HomeBuy is ideal for working people who can raise a sufficient mortgage on their share of the property.”
Peter Brodnicki, chief executive at the Mortgage Advice Bureau, said: “The market has changed dramatically since parents in their 50s and 60s took out mortgages. It is essential to go to a broker who can advise on the schemes available.”
