71% of first-time buyers face unexpected costs despite feeling prepared – LPL
The First-Time Buyer Anxiety Index surveyed first-time buyers across the UK, with half currently going through the process and half looking back on their experience.
Nine in 10 first-time buyers (FTBs) felt prepared for and understood the homebuying process before starting their journey, yet 71% encountered unexpected costs, according to research from LPL.
The First-Time Buyer Anxiety Index surveyed first-time buyers across the UK, with half currently going through the process and half looking back on their experience.
Despite 90% initially feeling confident about the process, 62% experienced a rejected mortgage application, while a similar proportion were gazumped.
Some 70% experienced delays with solicitors, with a quarter of those affected saying the delays had impacted their mental health.
The research also found differences between the sources of guidance buyers valued before and after completing their purchase.
Those currently going through the process were more likely to rely on family, friends and online articles for guidance.
However, buyers who had completed on their first home within the previous two years placed greater value on professional guidance from mortgage brokers, estate agents, lenders and conveyancers when reflecting on their experience.
Louise Stephens-Pantoja, head of operations at LPL, said: “Getting on the property ladder is one of life’s most exciting milestones, but there is a clear gap between how prepared first-time buyers feel and how prepared they actually are.
“Buyers start the journey confident as there’s more information available than ever before, but it’s the unexpected that becomes the biggest source of stress.
“Better communication and clearer expectations can help prevent this and, as those looking back retrospectively point out, professional help earlier in the process can make a real difference and help navigate those moments with more confidence.”
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