92% of first-time buyers require advice when buying

Ninety-two per cent of first-time buyers will still need guidance when making a home purchase, according to new research published by Accord Mortgages and Yorkshire Building Society.

This is despite the study also revealing that 65% of first-time buyers claimed they know the house-buying process well.

Accord’s study, based on findings from a sample of 2,001 prospective first-time buyers during August, looked at the attitudes of those planning to buy their first home within the next three years.

The research also found that 35% of first-time buyers are now expecting to buy a home sooner as a result of COVID-19, and Accord suggested there is an “opportunity” for brokers to offer support in the coming months.

“Given the uncertainty of the market at present, it’s positive that the demand for advice is so high and those purchasing for the first time are seeking professional help to navigate the process,” commented Accord director of intermediary distribution, Jeremy Duncombe.

“Whilst we are committed to offering our support to this sector through the limited releases of 90% LTV products, we know the restricted availability of low-deposit mortgages will present a challenge for some buyers.

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

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