Half of first-time buyers (FTBs) would consider or have considered using shared ownership as a way of getting on the property ladder, new research from The Mortgage Lender (TML) reveals.

While TML’s research found that 65% of FTBs were unsure what shared ownership means, once it was made clear half said they would consider or are already considering this as an option to buy a property.

Of those who have bought their first home in the last five years, 17% have a shared ownership property.

Meanwhile, 19% of those yet to buy have considered utilising shared ownership. Of this just over 12% say they are likely to buy using the scheme.

Looking at the reasons why FTBs have considered using shared ownership, 26% said it was because it allows them to slowly build up to ownership of the property when it suits them while a further 26% said they wouldn’t have been able to afford the property without the scheme.

A quarter said it meant they could buy a property much quicker than first thought, while 24% said their monthly repayments worked out much cheaper than if they’d got a full mortgage or rented.

For 20% of respondents the scheme means they are able to afford to live where they want to live, and this is especially the case in places like London (25%) where the average property price in the capital is £518,000.

A further 19% said they wouldn’t have been able to get onto the property ladder at all without the scheme.

TML head of sales Chris Kirby comments: “Affordability continues to be one of the biggest barriers for prospective buyers when it comes to getting onto the property ladder.”

“As a result, it can mean many seek help elsewhere to raise the funds for purchasing a property, or otherwise make certain sacrifices, be it location or property type, to get on the ladder.”

“Shared Ownership, however, is a well-established option that optimises affordability and creates greater access to those looking to achieve homeownership status.”