First-time buyers ignorant over home-owning realities

HSBC research suggests that naive first-time buyers are blissfully unaware of the practicalities of owning a home.

The major considerations for first-time buyers when looking for a property are location (35%), size of the outside space (27%) and local amenities (21%). However, few consider more practical aspects important to their search such as plans for development in the area (1%), the condition of nearby properties (4%) signs of subsidence (5%) and the cost to update the property (6%).

HSBC asked 155 first-time buyers what questions they felt were most important to ask the vendor when buying a property and 100 estate agents what questions they would advise first-time buyers to ask.

The results highlight differing views first time-buyers are more immediate in their outlook while estate agents identified more practical questions pertinent to the longer term considerations of living in and owning a property.

Peter Dockar, head of mortgages at HSBC, said: “It is important that first- time buyers consider more than just their immediate desires when looking for their first home