First-time buyers proud to purchase, but the process makes them feel ill
First-time buyers purchasing a home in the past three years have revealed the key issues that disrupted the process, in a survey by Aldermore.
A generally upbeat sentiment was expressed by FTBs who made it onto the housing ladder, with 40 per cent reporting a feeling of “pride” and 37 per cent of “moving forward with life”.
However, the survey also discovered a slew of negative opinions about the house-buying process.
The stress of buying provoked 37 per cent of FTBs to feel ill, while 57 per cent spent more than they had planned.
Further, 32 per cent had a property purchase fall through resulting in an average loss of £2,157 rising to £2,855 in London.
The jaded view of the property market continued with 60 per cent of FTBs calling the process “overly complicated”.
The proportion of respondents describing buying as “very difficult” was 29 per cent in 2019, compared to 28 per cent last year.
Pressure to buy
Despite the negative sentiment, 81 per cent of respondents aspired to own their own property.
Many FTBs were conscious of others’ views on their situation, with 28 per cent under pressure from family to buy and 60 per cent feeling they were expected to buy “at their age”.
The biggest challenge was “raising a deposit,” at 28 per cent and the second-largest hurdle was “finding an affordable property,” at 23 per cent.
Damian Thompson, director of mortgages at Aldermore, said: “Many FTBs find the home-buying process stressful while, by contrast, they are overwhelmingly positive about becoming homeowners.
“Understanding this generation of buyers’ unique challenges is vital to enabling us to work together with brokers to make the home-buying journey as enjoyable and rewarding as the destination.
“We guide new buyers through the process considering each case on an individual basis,” Thompson said.