A survey has revealed a “significant disconnect” between how first time buyers feel before they embark on their first home move, and how they feel following its completion.
The newly published research suggests nine in 10 first-time buyers believe they are prepared and understand the home buying process before they begin, only to acknowledge afterwards there were unexpected challenges that knock their confidence and drive anxiety during their purchase.
A survey, conducted in July by Manchester-based Leading Property Lawyers, (LPL) asked 500 first-time buyers about their experience of moving home, with respondents split evenly between those going through the process currently and those that had completed on their first home in the last two years. The results showed while 90% felt confident in the process, almost three quarters (71%) faced unexpected costs and 62% experienced a rejected mortgage application, while a similar number were gazumped and 70% experienced delays with solicitors.
One quarter of respondents who said they had experienced delays said it had affected their mental health. Respondents said conveyancing, legal work, administration and paperwork have the biggest impact on mental health, because the have no control over the process. One in five first-time buyers felt their anxiety rise during surveys, conveyancing and obtaining a mortgage.
The survey found that for those going through the process, buyers are more likely to rely on family, friends and online articles for guidance, however those who had completed within the past two years found that professional guidance from mortgage brokers, lenders and conveyancers was more valuable.
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.”
