First Time Buyers Index Autumn 2024

We understand that for many first time buyers, taking that first step on the property ladder can be difficult, but it’s a reward that’s so worth it when it happens.

Brokers like you are vital when it comes to providing the support and knowledge first time buyers need when facing challenges during the home buying process.

To help support you and your clients, we have recently undertaken our regular piece of research to discover more about the key concerns and insights for first time buyers in the UK.

In our latest report, ‘First Time Buyer Index’, we surveyed 500 new first time home buyers and 2,000 prospective first time buyers to discover more about the current level of deposits, how people feel about the process of getting a mortgage, plus their experiences of using a broker.  

Key Findings: 

• Almost three fifths of first time buyers (57%) found the home buying process confusing.
• Over three in five (63%) spent more money than intended on the house purchase  (65% in 2023) and nearly half (49%) agreed that the home they bought was empty for a few months as they couldn’t afford to buy the furniture immediately.
• 23% of first time buyers said the hardest part of the process was raising the deposit, with 22% saying it was the length of the process, and 19% saying all the admin involved.

You can find out more in our First Time Buyer Index Report.

Research conducted, on behalf of Aldermore bank, by Opinium between 17^th – 28^th June 2024, among 2,000 Prospective First Time Buyers and 500 Actual First Time Buyers.

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