First-time buyers are dramatically underestimating how long it will take to move into their new home, research has revealed.
When adding up all the different parts of the home buying process – from initial viewings of a property to dealing with conveyancers – first-time buyers are proving to be way out on timings.
Estimates of how long it takes to complete on their purchase are miscalculated by a massive five months, according to the latest data by Aldermore.
Its first-time buyer index revealed some worrying trends among first-time buyers, including how ill-prepared they can be to successfully navigate buying their first home.
The research looked at a number of key activities in the home buying process and how long first-time buyers expected them to take – as well as how long they actually ended up taking.
These included how long they would spend liaising with their estate agent, which was expected to be 11 weeks and ended up being 17 weeks on average.
Introducing the Green Living Reward
Your clients can now get up to £2,000 cashback for making energy-efficient home
Sponsored by Halifax Intermediaries
Similarly, first-time buyers expected to be liaising with their mortgage brokers for 10 weeks, but this ended up typically taking longer at 16 weeks.
Expectations around liaising with their mortgage provider also took longer, with an estimate of 11 weeks compared to 16 weeks in reality.
A total of 2,000 would-be first-time buyers were surveyed in June this year, with 500 of these being actual first-time buyers.
Negotiating and liaising with conveyancers were expected to take 11 and 16 weeks respectively. However, in reality, this took 14 and 15 weeks for first-time buyers.
Viewing properties was expected to be the longest part of the home buying process for first-time buyers.
This was expected to take 20 weeks, although in reality, it took 18 months, according to the research.
The time spent on other issues, such as finding insurance and sorting out renovations, was expected to take 11 weeks and ended up taking 15 weeks.
Jon Cooper, director of mortgages at Aldermore, said: “For brokers, helping clients navigate the home buying process is about more than just securing a mortgage, it’s about guiding them through a potentially complex and lengthy journey.
“First-time buyers often underestimate the time involved, especially when dealing with solicitors, estate agents, and unexpected issues like survey-related repairs.
“This can lead to delays that frustrate eager buyers.”
He continued: “In order to help speed up the home buying process, it’s definitely worth using a broker.
“Their expertise can help streamline the mortgage process by filling out paperwork and forms on your behalf, as well as scanning the market for the most appropriate mortgage deals, all of which can be very time-consuming.”
