Young first-time buyers missing out on professional advice

November 24, 2023 by Heidi

Property Market

New research into homebuyers in the UK has found that more than one third of younger people who are buying for the first time are missing out on professional advice, instead simply relying on family and friends.

This research was carried out by Coventry for Intermediaries. The results show that among people aged between 18 and 34, there is a tendency to get purchasing help and support from family members or friends instead of a professional mortgage advisor. 90% of first-time buyers aged between 18 and 24 stated that an advisor had been involved, but just 33% told the survey that they had sought specific guidance on the buying process from them.

One very real danger that this presents is that these buyers could get erroneous information. The mortgage market is changing constantly, and family members or friends will not have access to the latest information the way that qualified mortgage advisors do.

In publishing the research, Coventry for Intermediaries urged advisors to highlight what they can offer to young first-time homebuyers as soon as they can. It pointed out that its research also found that 40% of those buying for the first time felt that they were in need of greater information and support from a professional source.

Another 36% told the survey that advice on purchase costs and contract exchanges was something that they wished to have.

There is clearly an underserved market here that those with a CeMAP qualification can look to step in and support, helping them to avoid potentially costly errors.