Recent research by Santander has revealed striking misconceptions and worrying knowledge gaps among first-time buyers about the property market.
The research surveyed 18-40-years old's across the UK and discovered not only a lack of homebuying knowledge but gross expectations when it came to buying their first home.
Three out of five buyers believed the term 'exchange' meant that they had ownership of the property and possession of the keys, rather than the 'exhange for contracts.'
Just under one quarter (probably due to renting most of their lives) believed that a 'house deposit' was refundable a year after the purchase of their property. Many also had unrealistic expectations of how much a house deposit is and how long it would take to save for.
Six out of ten aspiring buyers believed they would be able to borrow up to x10 their income for their mortgage.
George Stark of Veriphy "The research shows that for more than half of people aged between 18-40 their biggest aspiration is still to own a property. It also shows that there is a striking lack of knowledge of some common terms that industry professionals might assume to be generally understood."
Despite the confusion surrounding the property market, 51% of 18-40 year old's biggest aspiration is to still own a property within their lifetime.
Education is the best solution to enable aspiring buyers the chance to make informed decisions when saving and eventually looking for their first property.
This is why we have responded to Santander's latest research with a downloadable pdf 'Jargon Buster' to help first-time buyers navigate with ease the complexity of the property market, the buying process and all the technical terms inbetween.
George Stark of Veriphy "At Veriphy we understand the pressures faced by both agents and first-time buyers.
This is our way of offering a further helping hand on top of our rapid KYC Solutions. We hope our Jargon Buster will solve some of the language barriers and remove a lot of unnecessary worry."
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