A recent survey from leading first time buyer property portal, Share to Buy, has revealed that 77% of buyers believe they cannot afford to purchase a home on the open market.

Completed by over 2,600 prospective purchasers on sharetobuy.com, the survey provides an important insight into the property landscape for first time buyers, demonstrating the critical need for affordable homeownership schemes.

A significant 76% of respondents feel that buying as a single person on the open market in 2024 is not achievable, while 76% of those surveyed confirmed they are not receiving any financial help from family members to put towards a deposit – battling rising interest levels and inflating house prices alone.

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Whilst the average deposit on the open market currently sits at £61,000, 27% of surveyed buyers have saved between just £5,001 and £10,000. Despite this, almost 40% of respondents have revealed they hope to buy a property within the next six months.

The survey has been conducted by leading first time buyer property portal Share to Buy, home to the country’s largest listing of properties available through Shared Ownership and other affordable housing schemes. As Shared Ownership buyers only need to put down a deposit on the share they are purchasing, often between 5% to 10%, whilst paying a subsidised rent on the remainder, Shared Ownership deposits are often considerably lower than those on the open market.

Jade Turnstill, Head of Brand and Content at Share to Buy, said, “It is really disappointing that such a high proportion of hopeful first time buyers feel that properties on the open market are wholly inaccessible – with fears that they may be permanently priced out of homeownership.

“Unless you’re receiving financial help from family, it can be really difficult to put enough money aside to save towards a sky-high house deposit, particularly if you’re already privately renting somewhere.

“This new data highlights why alternative housing schemes like Shared Ownership are key; allowing buyers to step onto the property ladder at a significantly more affordable level – with deposits for a 25% share of a studio apartment on Share to Buy currently starting from a minimum of £3,781.”

Property portal Share to Buy is the country’s leading independent website for first time buyers, listing over 18,000 homes available through alternative housing schemes in 2023 alone, as well as providing a wealth of independent information and how-to guides for budding buyers.

Share to Buy is hosting the next London Home Show on April 13th, an unparalleled opportunity for those looking to get on the property ladder in London and the Home Counties. This free event in Westminster enables budding buyers to meet with leading housing providers, attend live sessions about available home-buying schemes, and get free financial and legal advice from specialist firms.