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Half of first-time buyers saw deals fall through in last year

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Aspiring first-time buyers lose an average £2,900 in costs if their purchase falls through
Half of first-time buyers saw deals fall through in last year

Half of first-time buyers have had a property purchase fall through in the last year, according to Aldermore.

And 50% of them say the sale collapsed due to lockdown.

The bank found that on average each buyer lost £2,912 in costs when their purchase fell though.

First-time buyers also say they have needed to delay their home buying plans by an average of 8.4 months due to the Covid-19 outbreak.

Costs rising

The costs of buying a home have also risen since the start of the pandemic, with first-time buyers having incurred an extra £5,870 in costs due to Covid-19. Over two-thirds (70%) say they spent more money than intended on their house purchase.

Jon Cooper, head of mortgage distribution at Aldermore said: “The Covid-19 pandemic has motivated a great number of people to buy their first home. It is important, alongside raising a deposit, to identify and factor in any additional costs, such as solicitor, valuation and estate agent fees, as well as moving costs, all of which can add up.”

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