92% of first-time buyers have admired they will need guidance when purchasing a home for the first time, according to new research.
This is despite 65% believing they knew the house-buying process well.
The research, carried out by Opinium and commissioned by Accord Mortgages and Yorkshire Building Society looked at the attitudes of those planning to buy their first home within the next three years.
With 35% of first-time buyers now expecting to buy sooner as a result of Covid-19, there is an opportunity for brokers to offer support in the coming months.
68% of first-time buyers said a house purchase was an important milestone they wanted to achieve, with 72% believing owning their own home was essential to feeling they had succeeded in life.
The three biggest barriers to purchase were the upfront costs (34%), saving for a deposit (32%) and the cost of housing in their desired area (32%). Whilst 74% of men claimed to know the purchase process well, this dropped to 54% of women, who are also more likely to admit to lacking confidence in knowing what is involved.
Jeremy Duncombe, director of intermediary distribution at Accord Mortgages, said: “Given the uncertainty of the market at present, it’s positive that the demand for advice is so high and those purchasing for the first time are seeking professional help to navigate the process.
“Whilst we are committed to offering our support to this sector through the limited releases of 90% loan-to-value (LTV) products, we know the restricted availability of low-deposit mortgages will present a challenge for some buyers. Having a broker to explore all the available options and guide you through the process is crucial to secure the longer term financial wellbeing of these customers.
“Taking that first step on the property ladder is a real milestone. Whilst Covid-19 has clearly had an impact, many first-time buyers have been able to save more during lockdown and will benefit from the stamp duty holiday so are now in a stronger position to achieve their goal. That means there’s a fantastic opportunity for advisers to offer their services where they are needed the most.”
