Generation Z (aged 18-28) say that a lack of awareness about the buying process is now their biggest barrier to home ownership, according to research by Barratt London.
Nearly 30% of Gen Z aspiring buyers put lack of awareness about the buying process at the top of the list, ranking higher than saving for a deposit or qualifying for a mortgage.
A quarter of Gen Z (25%) also reported feeling overwhelmed at the idea of home ownership while almost half (40%) of Gen Z and Millennials say not owning a home is holding them back in life.
The research marks the launch of Barratt London’s Step on the Ladder pop-up on Greek Street, Soho, which aims to educate aspiring buyers on the home buying process, to demystify the journey and highlight how buyers could be able to get on the ladder sooner than they think.
Open on Wednesday 4th, Friday 6th, Saturday 7th and Sunday 8th February, renters and aspiring first time buyers can visit the pop-up for free to speak to home ownership experts, join in with interactive games and share anonymous money confessions to support their home ownership journey.
Iona Bain, Personal Finance Expert and broadcaster, is supporting the campaign to help champion financial education amongst Gen Z and Millennials, particularly around the home ownership process.
Iona said: “Buying your first home can feel like a huge, mysterious challenge, but breaking it down into clear, practical steps makes it far less overwhelming. I know from personal experience how empowering it is to have your own space, and I want more young people to feel that same sense of independence.
“That starts with demystifying the process – from exploring affordable areas with good transport links, to using tools like the Lifetime ISA and speaking to a mortgage broker early. With the right knowledge, Gen Z and Millennials may find they have a few more options than they think.”
Changes to the stamp duty threshold are contributing further to confusion around buying a home and the costs involved, with 36% of potential buyers saying they’re not confident in working out stamp duty costs.
Craig Carson, Barratt London Regional Managing Director, said: “We continually hear from young buyers that they don’t know where to start with getting on the ladder. Many aspiring buyers are missing out on advice that would not only help them get on the ladder earlier than they might expect, but at a more affordable price too.
“Buying a home is the biggest purchase someone is likely to make in their life and yet financial education around homeownership is almost completely absent from the curriculum. Barratt London helps buyers get on the ladder year-round, with a range of schemes and incentives designed to offer a much needed helping hand.
“We are committed to demystifying the home ownership process, working with dedicated new homes mortgage advisers, who can offer purchasers free expert advice and help them make informed decisions about their future. By raising awareness in a fun and friendly setting at our dedicated pop-up in the heart of Soho, we hope that aspiring buyers will feel more empowered to find the information and advice they are looking for.”
Fionnuala Carr, a 31-year-old data analyst, purchased her first home at Barratt London’s Springfield Place development in Wandsworth earlier this year, after saving for seven years to put down a 10% deposit.
Fionnuala comments: “I had been renting in a house share in Balham for a few years and knew I wanted to have a home of my own, so I made sure to put aside some money every month. I even put holiday plans on pause so I could reach my goal. There were lots of processes involved with the homebuying journey that I was unfamiliar with, and it felt like a lot of information to digest all at once. Speaking to an independent financial advisor, I was able to get the advice I needed to move much faster and easier than I had anticipated.
“As a result, six weeks after first viewing my apartment the process was complete, and I was handed the keys to my very first home. For anyone else looking to start their journey, I would really recommend looking at your outgoings and setting a budget you can stick to. It takes discipline but is absolutely worth it to have your own space!”
Barratt London has a range of schemes including the Key Worker Deposit Contribution and Deposit Boost, which contributes an additional 5% towards a deposit, so buyers need to borrow less and could secure a more competitive mortgage.
Iona Bain is a financial journalist, speaker and author who founded the Young Money Blog in 2011, becoming a go-to voice on millennial money across TV and radio.
Iona said, “I had always dreamed of buying a flat on my own and was really proud to achieve my goal in 2021 after years of saving. Whilst it’s not my forever home, it’s my sanctuary and an important base for me as someone who combines working from home with travelling all over the country for TV and events.”
Iona Bain’s Top Five Tips for Aspiring Buyers:
1. Do your homework. What areas are affordable but promising? Brush up on postcodes that are slightly under the radar with decent transport links, access to some local shops and (ideally) a little bit of green space within walking distance.
2. Once you have somewhere in mind, work out how much you will be able to borrow and how much you will need to save overall. There are plenty of calculators online that can help you do the sums. Bear in mind the numbers may change over time so keep an eye on the market and be prepared to flex if need be.
3. Once you have a rough target for a deposit, break down how much you’ll need to save per month to achieve it in a reasonable time. Devise a budget that will allow you to save a reasonable fixed percentage each month towards your goal. Set up a standing order so you don’t have to remember to save the money – it just happens automatically.
4. Use the Lifetime ISA to get up to £1000 a year free towards your first home. Bear in mind it must ultimately cost less than £450,000, and you will pay a penalty if you access the cash any sooner.
5. You can speak to a mortgage broker at any time to get a good understanding of what your options are. Often this won’t cost you a penny and could save you a lot of time and guesswork in the long run.
First time buyers can visit the Step on the Ladder pop-up shop on 59 Greek Street W1D 3DZ, on the 4th, and from the 6th-8th February 2026 to speak to home ownership experts, join in with interactive games, share anonymous money confessions and take home an exclusive goody bag to support their future home ownership journey.
