Many aspiring first-time buyers feel ill-equipped to navigate the property market, according to new research from Lloyds Bank.
In a survey of 2,000 prospective buyers, just 13% said they fully understand the homebuying process. Nearly a third (32%) said they understand most steps, while 42% admitted to knowing only some.
The legal process – including conveyancing and dealing with the Land Registry – was seen as the most daunting aspect by 29% of respondents. Other key areas of uncertainty included securing a mortgage (22%) and finding the right property (12%). Just 4% felt confident about every stage of the process.
Affordability remains a major barrier. More than one in five (22%) said saving for a deposit had delayed their ability to buy, while 19% cited concerns about job security or income.
Despite the challenges, most first-time buyers are seeking guidance. Nearly two-thirds (65%) plan to consult a lender or mortgage broker, although 19% said they don’t intend to seek any advice.
Parents were named the most trusted source of support, particularly among younger buyers — 34% overall said they would turn to family, rising to 46% among those aged 18 to 24.
Amanda Bryden, head of mortgages at Lloyds, commented: “Buying your first home is a big milestone, and it’s natural to feel uncertain – especially with so much to consider.
“The good news is there’s plenty of help available, from clear online guides to a conversation with a qualified mortgage adviser or broker.
“With the right support, taking that first step onto the property ladder becomes much more manageable.
“And with mortgages available with as little as a 5% deposit, it’s often more affordable than you might think.”
Buying a home is a legal process
The legal bit isn’t an add-on
I wonder if they understand how electricity works or how a car engine works.
There’s so much proper information available on what we old people call “the internet” but also if you ask the older people such as parents or people at work.
The one thing to remember is that you don’t have to ring every week on a Thursday at 4:00pm to see what’s happening especially if you’ve been told that searches won’t be back for 3 weeks.
Also don’t use the conveyancer that the estate agent has suggested or the builder recommends because then it is more likely to take 26 weeks or more. Find a local Solicitor that friends or colleagues recommend and do what ever you can to be chain free and out of your rented accommodation (if applicable, if possible).
So if you can move back home, do so.
You remaining in rented accommodation will create a delay.
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Why is it advisable to not be in rented accommodation? Am I missing something?
In my experience, it’s not the legal side of things that deters first time buyers. It’s the cost and responsibilities of home ownership. I offered to sell (at a discount) to my remaining tenant. Initially, she was very enthusiastic; her mortgage would have been less than half her rent. But when she realised there was no safety net in terms of paying for repairs and maintenance, service charges, etc… she pulled out.
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“One of the reasons my husband (a qualified lawyer, not property…) says he is never moving again is because of the conveyancing process. He sees it as cumbersome and confusing. I can well understand how first time buyers, with no legal background, could also see it as confusing and daunting.
It also doesn’t help that many within the profession, use terminology that we don’t bother to explain as we all know what it means; exchange, complete etc…” Bold Legal Group Member
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