At a national level, affordability is already a challenge, and for many potential buyers, that can be enough to put them off from even trying.

But the national view only tells part of the story. What buyers think is possible – and what actually is – varies significantly depending on where they live.

The regional data from Pepper Money’s Specialist Lending Study makes that clear.

In every region, there are buyers who feel locked out of the market, but the reasons why vary.

In the North East, for example, one in five people have no savings, which is the highest of any region. At the same time, nearly two-thirds (65%) think they need at least a 15% deposit or don’t know what deposit is required.

That combination could be putting off buyers who are closer than they think. With an average property price of £158,000 in the North East, a 5% deposit would be as little as £7,900. Yet 40% of adults in the region don’t think they’ll ever be in a position to buy.

In London, the picture is completely different, but the outcome can be similar. Nearly three-quarters (73%) either believe they need a deposit of 15% or more, or don’t know what’s required.

Higher house prices do make it harder to get onto the ladder in the capital, but perceptions can still act as a barrier. Some may not seek advice that could open up options such as affordable homeownership or first-time buyer products.

A 5% deposit on a 50% shared ownership purchase could be less than £14,000 in the capital (average house price £540,000). Even those without a large savings pot might think differently if they realised the bar wasn’t as high as they’d feared.

In the North West, 68% of people would like to buy a home, but 34% think they’ll never afford it. At the same time, 69% either believe they need at least a 15% deposit or don’t know what’s required. With an average property price of £214,000, a 5% deposit would be around £10,700, compared to £32,100 at 15%.

The challenge isn’t just affordability or deposit, but also confidence for some aspiring homeowners. A significant proportion of potential buyers have already decided homeownership isn’t possible for them.

In many cases, these buyers aren’t being declined by lenders. They don’t get that far because they rule themselves out before making an enquiry.

Many of these buyers won’t actively seek advice, because they don’t believe they’re in a position to buy. So, the broker opportunity often sits earlier in the journey.

In practice, that might mean using social media to educate first-time buyers or challenge common myths. Or, it could be working with local estate agents to offer a mortgage clinic where potential buyers are already browsing. Often, it starts with straightforward conversations about what deposit is really needed, what buyers can afford and alternative routes into homeownership.

Understanding your local market, and being active in it, means your role isn’t just about placing cases that are ready to go, but also helping potential buyers understand what might be possible.

For some buyers, the lack of confidence goes beyond savings. They might also assume they don’t meet the criteria for a mortgage.

That could be because they’re self-employed, have income made up of bonuses or commission, or have experienced a minor credit issue in the past.

Many people aren’t aware that these factors don’t automatically rule them out, or that there are lenders who take a more flexible approach when income or credit profiles don’t fit neatly within high street criteria.

At Pepper Money, for example, customers can access mortgages up to 90% loan to value (LTV), even where there are non-standard elements such as self-employed income, bonuses or a minor credit issue. Our human approach to underwriting means you can place cases that might otherwise struggle and help more customers move forward.

Even if they’re not in a position to buy today, your role includes showing them what options might be possible in the future, which could lead to a customer who wants your advice for years to come.

National headlines don’t always reflect local reality, but what people believe can be just as important as the numbers themselves.

For brokers, knowing the mindset of aspiring buyers in your area, and engaging with them earlier, can open up opportunities that might otherwise be missed.

Because often it’s not just the numbers holding buyers back, but what they think those numbers need to be.

Homeownership aspirations remain high, particularly amongst Gen Zs and millennials. It’s our belief that more people can fulfil their ambitions of homeownership with your help, and with lenders who look for reasons to say yes, rather than no.