Almost a third of first-time buyers experience heightened anxiety as they approach completion, despite saving for a deposit often being seen as one of the most stressful parts of getting onto the housing ladder.
Research from LPL finds delays and uncertainty during the buying process are among the biggest sources of anxiety, particularly when buyers are waiting for surveys, legal work and completion.
The findings come as the Government moves towards the introduction of its Your First Home scheme, designed to reduce the financial barriers facing first-time buyers.
LPL’s research was conducted before the scheme was announced and therefore does not measure its potential impact, but found one in seven first-time buyers experienced anxiety while saving for a deposit. One in eight reported stress during the saving process, while almost a quarter experienced frustration.
COMPLETION PRESSURE
Anxiety becomes more pronounced later in the transaction, however, with almost a third of first-time buyers reporting increased anxiety as they approach completion.
LPL says many of the biggest pressure points at this stage are outside buyers’ direct control, including waiting for surveys and conveyancing work to be completed.
Unexpected expenditure is another significant issue, with 70% of first-time buyers encountering costs they had not anticipated and 27% saying this caused additional stress.
COMMUNICATION
Louise Stephens-Pantoja (main picture, inset), Head of Operations at LPL, says: “Even before starting the journey, a large portion of first-time buyers are living with added anxiety, stress and frustration simply by trying to save in a cost-of-living crisis.”
She says additional government support for first-time buyers is positive, but argues improvements are also needed throughout the transaction itself.
Stephens-Pantoja adds: “Better communication and clearer expectations can help prevent this and, as those looking back retrospectively point out, professional help earlier in the process can make a real difference and help navigate those moments with more confidence.”
