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Overwhelmed first time buyers calling for support

23rd July 2021
Posted by Aston Avery

When the government decided to remove stamp duty from the house buying process over the pandemic , many used this as an opportunity to get themselves on the property ladder. However, even though this is no longer in place, following the restrictions of lockdowns many people have realised that they want to buy a property. Unfortunately, this as not as straight forward as many would hope, and new research from Home by OpenMoney has even revealed that almost half (48%) of first time buyers are not at all confident in the overall process of buying a house.

According to the research, this is broken down into various aspects which first time buyers have identified that they are apprehensive about. Two fifths (40%) aren’t confident dealing with estate agents, 45% not sure of themselves on how to deal with mortgage advisors or even choosing and applying for a mortgage (46%).

Worryingly, the research also identifies a lack of knowledge among first time buyers in key aspects of the house buying process. Just under a quarter (23%) have said they don’t know what a mortgage is, 29% unaware of a credit score and a huge 72% admitted they were unaware what income protection insurance is, as well as conveyancing (71%).

Aston spoke to Anthony Morrow, personal finance expert for OpenMoney.

Photo by Ethan Kent on Unsplash