Evidence from a mortgage lender’s survey suggests first time buyers massively under-estimate how long the purchase of a home actually takes.
Aldermore undertook a large survey in June, of some 2,000 prospective first time buyers and 500 actual FTBs. Prospective purchasers under-estimated the homebuying process by nearly five months.
Recent actual FTBs spent the longest time viewing properties – it took an average of four months before they found their ideal property. Liaising with estate agents took over a month longer than people expect.
| Activity | How long people expect it to take | How long it actually takes |
| Viewing homes | 20 weeks | 18 weeks |
| Liaising with mortgage brokers | 10 weeks | 16 weeks |
| Negotiating with solicitor/conveyancer | 11 weeks | 14 weeks |
| Liaising with solicitor/conveyancer | 16 weeks | 15 weeks |
| Liaising with mortgage provider | 11 weeks | 16 weeks |
| Liaising with estate agents | 11 weeks | 17 weeks |
| Other (getting insurance, sorting renovations) | 11 weeks | 15 weeks |
Jon Cooper, director of a mortgage company, comments: “For brokers, helping clients navigate the homebuying process is about more than just securing a mortgage, it’s about guiding them through a potentially complex and lengthy journey. First time buyers often underestimate the time involved, especially when dealing with solicitors, estate agents, and unexpected issues like survey-related repairs. This can lead to delays that frustrate eager buyers.”
