A third (34%) of aspiring first-time buyers (FTBs) believe that Labour is the party best placed to support them in sourcing homeownership, Moneybox has revealed.

The saving and investing app’s latest survey of 1,000 aspiring homeowners found that two thirds (66%) of aspiring FTBs have re-evaluated their homeownership goals in the past six months, with half (51%) now planning to buy at a later date.

With a third believing that Labour was the best party to support their homeowning aims, over a quarter (28%) admitted they don’t trust any political party to help them purchase their own home.

Only 8% believe the Conservative Party has their back, while just 4% and 3% saw FTB support for the Liberal Democrats and the Green Party, respectively.

According to the study, the average FTB has been saving for two years and 10 months and expects to buy their first home in four years and six months. This is an increase from four years and two month in 2023.

Despite these challenges, Moneybox found that four in five (79%) FTBs said that owning a home is more important than ever, with just under two thirds (62%) believing that being a homeowner is vital to achieving financial security.

Furthermore, cash savings remained the most popular way for FTBs to save for a deposit, typically using a combination of easy access savings accounts (42%), cash ISAs (29%) and the Lifetime ISA (22%).

Head of personal finance at Moneybox, Brian Byrnes, said: "With the General Election just around the corner, manifesto pledges from political parties have fallen short of providing much-needed reassurance and tangible financial support to FTBs who have been navigating significant challenges over the last few years.

"With house price growth significantly outpacing wage growth in recent decades, the solutions needed to sustainably boost homeownership without further inflating house prices are complex and will take some time to bear fruit. That is why we at Moneybox are calling for the incoming Government to commit to pragmatic measures that can be delivered in the near term, such as future-proofing the lifetime ISA.

"Committing to a regular review of the property price cap and introducing an annual emergency withdrawal allowance will ensure the product continues to meet the needs of all those who need it most into the future and will better help savers weather the cost of living crisis and any future unforeseen costs.

"These simple steps will help more aspiring FTBs save a bigger deposit as well as help generations of young savers build and embed positive saving behaviours that will boost long-term resilience and prosperity."

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