Majority of first-time buyers received help to climb ...

Only a tenth of first-time buyers have managed to get on the property ladder without additional support, a survey has revealed.

Comparison website Uswitch mortgages conducted a survey of more than 2,000 first-time buyers from the past two years to investigate purchase trends amongst first-time buyers to identify how they afford their properties.

It found that almost half (45%) of first-time buyers got help from Government schemes and a third used the bank of mum and dad to get on the property ladder, while only 11% didn’t receive any support.

Of those who got help from a parent, 24% received a loan for the deposit and 10% of buyers' parents gifted money towards their purchase.

The second most common purchase method was buying with a ‘traditional’ mortgage (44%).

The majority (38%) of first-time buyers who bought a house with a mortgage opted for a standard variable-rate mortgage, or a fixed-rate mortgage (32%).

The most common Government scheme used was the First Homes scheme (36%), followed by a Lifetime ISA (29%).

Kellie Steed, Uswitch mortgage expert, said: “When people think about first-time buyer schemes, their mind often jumps to Help to Buy. But the Help to Buy equity loan scheme is no longer available in England, Northern Ireland or Scotland, although those in Wales who are eligible can still apply.

“For English homebuyers, one of the alternatives is the First Homes scheme, which was the most popular amongst survey respondents. Offering a 30 to 50% discount on the market value of a property, it may help those struggling to make that leap onto the property ladder due to affordability. However, there are limitations on the type of properties you can purchase, and certain eligibility criteria apply.”