First-time buyers need guidance in acquiring a property

According to research by Accord Mortgages and the Yorkshire Building Society, most first-time buyers will seek guidance when buying a home.

Nine out of ten of those surveyed in the national survey said they would need help, even though two-thirds (65%) say they know the home buying process well. More than a third (35%) now expects to buy sooner as a result of COVID-19.

The research analyzed the attitudes of those planning to buy their own home in the next three years. More than two-thirds (68%) of first-time buyers said that buying a home was an important milestone they wanted to achieve, and 72% believed owning their own home was essential to feeling like they had been successful in life.

The three most significant barriers to buying according to the research were upfront costs (34%), savings for a deposit (32%), and the cost of housing in the desired area (32%).

“The demand for advice is very high.”

Jeremy Duncombe, Director of Intermediary Distribution at Accord Mortgages, said: “Given the uncertainty in the market today, it is positive that the demand for advice is so high and first-time buyers are seeking professional help to navigate the process.”

“While we are committed to offering our support to this sector through limited launches of 90% loan-to-value (LTV) products, we know that the restricted availability of low-deposit mortgages will present a challenge for some buyers. Having a broker who explores all available options and guides you through the process is crucial to ensuring these clients’ long-term financial well-being.”

“Taking that first step on the property ladder is a true milestone. While COVID-19 has had an impact, many first-time buyers have been able to save more during closing and benefit from the stamp duty holiday, so they are now in a stronger position to achieve their goal. That means there is a fantastic opportunity for advisors to offer their services where they are most needed.”

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