A massive 80% of IFAs taking part in the ‘21st Century Housebuying’ study said the Government should take action to make the process of buying a home in the UK easier and more affordable. And while Gordon Brown may have avoided increasing stamp duty in last month’s budget, for those looking to buy the government has to outlaw gazumping and follow through on its seller's pack commitment to make the process headache-free, say brokers.
Key findings from the research:
• More than one in ten IFAs would like to see verbal offers made legally binding across the UK. Some want England and Wales to adopt the Scottish system
• Stamp duty is the biggest obstacle. Nearly a third of IFAs reckon reducing it, perhaps in the form of a graduated scheme, would make the housing market more fluid and more affordable for all
• 17% of advisers think housebuyers panic about being stuck with mortgage payments they won't be able to keep up while 15% have problems raising the initial deposit
• One in ten IFAs feel that a confusing range of mortgage options adds to homebuying angst
• First-time buyers do their homework when looking for their dream home - only a minority (3%) of IFAs see lack of knowledge as a problem in the housebuying process
The One account's marketing manager Scott Mowbray said: "IFAs see first hand some of the problems faced by home buyers - be they first time buyers or those looking for a better deal. We wanted to find out how problematic housebuying is. It's clear IFAs expect the Government to play a part in making things easier - 82% feel there is something that could be done - from streamlining legal processes to increasing shared ownership options."
