First time buyers and property hunters in London take longer to find their ideal home than others in the UK, according to a survey conducted by My Home Move, a conveyancing company.
According to the research, 70% of buyers in London said their current property didn’t have all the features which they had wanted, while this figure was just 55% for the remainder of the UK. For first time buyers aged 30 or younger, 83% had made compromises or sacrifices when buying their first property. Of the people aged 51 or over, only 43% said that their home didn’t have everything they wanted.
More than a quarter of buyers had been outbid, with this happening to far more people who were first time buyers than those aged 51 or above. Gazumping is also likely to be more of a problem for younger first time buyers than others, with 38% of people aged below 30 experiencing this, while only 15% had been gazumped over the age of 51.
However, the survey did conclude that home buyers in the UK are more likely to make a quick decision about a house, sometimes knowing before they enter the property that they will make an offer.
Among the challenges faced by home buyers is the affordability tests conducted by lenders. Obtaining advice from a qualified adviser, who has taken CeMAP training, will make it easier to complete a house purchase in a shorter amount of time.
