One in five (20%) would-be homebuyers are unaware of support available to them, including schemes such as the lifetime ISA and right to buy, research by Shawbrook has revealed.

The bank’s latest Home A-Loan report, which explores specialist lending and the challenges facing current and prospective buyers, showed that 77% of potential buyers are aiming to purchase a home in the next five years.

However, many buyers feel ill-equipped to do so, Shawbrook said, with a number of issues keeping them from making a purchase.

The report revealed that 31% of people believe the Government should do more to support buyers, yet 20% of would-be buyers are unaware of existing schemes available to them, including the lifetime ISA, help to buy and right to buy.

Shawbrook said this shows that these schemes are often underutilised.

The Home A-Loan report stated that affordability is also a key barrier to home ownership, with 42% of people citing general affordability as their main barrier, while 41% said high house prices are preventing them from buying.

Furthermore, 10% of aspiring buyers said they have sought help to improve their finances, while a further 12% added that the lack of access to mortgage advice is a barrier to homeownership.

Commercial director for retail mortgages at Shawbrook, Steve Griffiths, said the bank’s research highlights a "growing mismatch between people’s desire to buy and their readiness to do so".

He added: "While many are aspiring to buy in the near future, a combination of issues with affordability, awareness of available support and a lack of confidence is stopping them from taking that crucial first step.

"The property market remains tough, particularly for those without access to family help or significant savings. However, it’s heartening that so many people plan to buy in the coming years - and the right advice and specialist mortgage solutions can make all the difference to this happening. Lenders and brokers must work together to make guidance more accessible, and to provide products that reflect the financial realities of first-time buyers today."

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