First-time buyers look to affordable housing
Of these 26% said affordable housing schemes are the only option for getting onto the property ladder and they would not be able to buy a home otherwise.
And 15% of first-time buyers would not have previously considered the schemes but have changed their view due to the economic downturn.
One in four (25%) said their primary reason for considering such a scheme was that it makes or would make their monthly mortgage repayments more affordable while a further 24% said it allowed or would allow them to buy in an area which would otherwise have been unaffordable.
Shared ownership schemes are better understood than shared equity, according to the research. Of those first-time buyers surveyed 81% said they had an understanding of shared ownership while 64% said they understood shared equity schemes.
However there is a lack of awareness around the availability of local schemes creating a barrier for first-time buyers.
In England those living in the North had the best understanding of shared equity schemes (70%) while those in the East were least informed (53%).
But four in 10 first-time buyers are unaware of the affordable housing schemes available to them in their local area. Those living in the East are the most aware in England of the availability of local schemes with only 30% unaware.
Stephen Noakes, director of mortgages at Lloyds TSB, said: “Affordable housing schemes play a key part in helping first-time buyers onto the property ladder and our research showed that almost half of them would now consider signing up to buy their first home. However many more may be unaware of how these schemes can help them onto the property ladder or indeed the availability of them in their local area.”