Despite promises of cheaper mortgages and more homes, first-time buyers aren’t convinced the upcoming general election will make getting on the property ladder any easier.

A recent survey by mortgage lender Aldermore has revealed that less than half (46%) of potential first-time buyers believe the election will improve their chances of buying a home. This scepticism comes despite both major parties pledging to make homeownership more affordable.

What are the parties promising?

Both Labour and the Conservatives have included policies aimed at first-time buyers in their manifestos.

Labour has pledged to:

• Extend the Mortgage Guarantee Scheme (MGS), rebranding it as “Freedom to Buy”. This scheme makes it easier for buyers with small deposits to get a mortgage.
• Build 1.5 million homes during the next parliament.

The Conservatives have also promised to:

• Extend the MGS.
• Make the stamp duty break permanent for first-time buyers on properties worth up to £425,000.
• Introduce a new Help to Buy scheme.
• Build 1.6 million homes.

So why the lack of confidence?

Despite these promises, the majority of would-be first-time buyers surveyed by Aldermore remain unconvinced. 73% believe that both the government and the mortgage industry need to be more innovative in creating new incentives and legislation to help people buy their first home.

Jon Cooper, director of mortgages at Aldermore, acknowledges the challenges faced by aspiring homeowners. He says: “One point that most politicians can agree on is that homeownership has become an increasingly challenging goal for the majority of hopeful buyers.”

He adds, “Hopefully this election will reenergise the conversation on how we can help more people onto the property ladder and show more first-time buyers that this goal is still possible.”

With the election just around the corner, it remains to be seen whether these promises will translate into real action that gives first-time buyers the support they need to achieve their dream of home ownership.