A survey carried out by YouGov on behalf of Leeds Building Society outlines that millennials are the least aware of the shared ownership scheme.
Only 40 per cent of those included in the study aged 18-24 were aware of the initiative, with only half of that, 20 per cent, knowing what the product actual provides.
The study reveals that awareness increases with age with 83 per cent of people aged over 55, 79 per cent in the 45-54 age bracket, 78 per cent of individuals aged 35-44 and 70 per cent of those aged 25-34 having previously heard of shared ownership.
However, once made aware of the scheme, 24 per cent of those aged 18-24 said they would be ‘very likely’ or ‘fairly likely’ to use it in the future, the highest among the age groups surveyed.
Leeds Building Society director of product and distribution Jaedon Green says: “The method is becoming increasingly popular for first time buyers as it reduces the need for a significant deposit. The scheme also permits first time buyers to combine it with a Lifetime ISA, maximising any deposit.
“However, awareness still needs to be raised about the benefits of Shared Ownership, as it continues to be misunderstood and underused by many of the people the scheme was designed to help, particularly those aged 18 to 24.
“The fact that almost a quarter of those aged 24 or under would be likely to use Shared Ownership once they found out how it worked shows the importance of increasing awareness and educating those who would benefit most from Shared Ownership.”