According to research from Barratt London, 30% of hopeful Gen Z homeowners said a lack of insight into the buying process was a bigger hurdle than saving for a deposit or qualifying for a mortgage.
A quarter of Gen Z said the idea of homeownership was overwhelming, while 40% of Gen Z and millennials said not owning a home was holding them back in life.
Half of Gen Z and millennial respondents said they wish they had got on the housing ladder sooner, while a tenth had given up altogether.
Barratt London found that changes to the stamp duty threshold made things more confusing for potential first-time buyers and the costs involved in buying a home, as 36% said they were not confident about working out the expense.
Craig Carson, Barratt London’s regional managing director, said: “We continually hear from young buyers that they don’t know where to start with getting on the ladder. Many aspiring buyers are missing out on advice that would not only help them get on the ladder earlier than they might expect, but at a more affordable price too.
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“Buying a home is the biggest purchase someone is likely to make in their life and yet financial education around homeownership is almost completely absent from the curriculum. Barratt London helps buyers get on the ladder year-round, with a range of schemes and incentives designed to offer a much-needed helping hand.”
He added: “We are committed to demystifying the homeownership process, working with dedicated new homes mortgage advisers, who can offer purchasers free expert advice and help them make informed decisions about their future.”
Barratt London is holding a Step on the Ladder pop-up event on Greek Street in Soho, London, from 4 to 8 February.
