Which stage of the homebuying process takes the most time?
First-time buyers underestimate the length of the homebuying process by nearly five months, according to Aldermore’s latest First Time Buyer Index.
The survey, conducted by Opinium on behalf of Aldermore, found that prospective buyers spent the most time viewing properties, with an average of four months to find a home. Additionally, liaising with estate agents takes over a month longer than expected.
The research, which surveyed 2,000 prospective first-time buyers and 500 recent first-time buyers, revealed discrepancies between expectations and reality in several key areas.
Prospective buyers expect to spend 20 weeks viewing homes but in reality, it takes a shorter period – an average of 18 weeks. Liaising with mortgage brokers is expected to take 10 weeks, yet the actual time required is 16 weeks.
Negotiating with solicitors or conveyancers was anticipated to take 11 weeks but ends up taking 14 weeks. The process of liaising with solicitors or conveyancers was expected to last 16 weeks, which is close to the actual 15 weeks it typically requires.
Meanwhile, first-time buyers expect liaising with mortgage providers to take 11 weeks, but this often takes 16 weeks in practice. Liaising with estate agents also takes longer than anticipated, with buyers expecting 11 weeks, while the actual time is 17 weeks. Moreover, tasks such as getting insurance or organising renovations are estimated to take 11 weeks, but generally take around 15 weeks.
“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,” said Jon Cooper (pictured), director of mortgages at Aldermore. “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.
“In order to help speed up the homebuying process, it’s definitely worth using a broker. Their expertise can help streamline the mortgage process by filling out paperwork and forms on your behalf, as well as scanning the market for the most appropriate mortgage deals, all of which can be very time consuming.”
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