Many aspiring homeowners feel underprepared for the steps involved in purchasing a property, according to new research from Lloyds.
In a survey of 2,000 prospective first-time buyers, just 13% said they fully understand the homebuying process, while 32% said they understand most steps and 42% admitted to knowing only some of what’s involved.
Nearly a third (29%) of respondents identified the legal process, including conveyancing and dealing with the Land Registry, as the most daunting part of buying a home.
Other areas of uncertainty included getting a mortgage (22%) and finding the right property (12%), while just 4% said they felt confident about every stage of the process.
Affordability remains a major concern. More than one in five (22%) said having to save a large deposit had delayed their ability to make an offer, while 19% expressed worries about job security or income stability.
Despite these challenges, most first-time buyers are seeking guidance. Nearly two-thirds (65%) plan to speak to a lender or mortgage broker for support, although 19% said they do not intend to seek any advice.
Parents remain the most trusted source of guidance, with 34% of respondents – rising to 46% among those aged 18 to 24 – saying they would turn to them for help.
Amanda Bryden, head of mortgages at Lloyds, said: “Buying your first home is a big milestone, and it’s natural to feel uncertain – especially with so much to consider.
“The good news is there’s plenty of help available, from clear online guides to a conversation with a qualified mortgage adviser or broker.
“With the right support, taking that first step onto the property ladder becomes much more manageable.
“|And with mortgages available with as little as a 5% deposit, it’s often more affordable than you might think.”
