Most would-be buyers say they cannot afford an open-market home

A survey from property portal Share to Buy suggests that over three quarters of buyers believe they cannot afford to purchase a home on the open market.

Completed by over 2,600 prospective purchasers, some 76 per cent of respondents feel that buying as a single person on the open market in 2024 is not achievable, while 76 per cent also 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.

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

A spokesperson for the portal says: “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 per cent share of a studio apartment on Share to Buy currently starting from a minimum of £3,781.”