One in two (48%) prospective first time buyers have so far consulted a broker, up from just 18% pre-Covid-19
A further one in five (19%) say they intend to use a broker soon in the future to help with their home purchase
Nearly all prospective first time buyers (98%) said using a broker during the purchasing process was useful - checking affordability, providing useful recommendations and checking paperwork were the most helpful services their broker provided
Figures from Aldermore Bank’s latest First Time Buyer Index1, a survey of over 1,000 prospective first time buyers, have revealed that broker expertise is becoming increasingly integral to the home buying process for many first time buyers.
The First Time Buyer Index reveals that nearly all (98%) who used a broker so far to help them get their foot on the ladder found their services useful. The number of prospective first time buyers using a broker has also increased compared to last year, 18% said they used a broker pre-Covid-19 in March 20202 which has jumped up to 48% twelve months later.
The main reasons prospective first time buyers found their broker helpful was the useful recommendations they provided (55%), that they checked affordability for mortgages (55%), and their assistance in navigating the complicated paperwork (54%).
| How did a broker assist you? | % |
| Provided some useful recommendations | 55% |
| They've checked my finances to work out which mortgages I can afford | 55% |
| Helped complete important paperwork | 54% |
| Provided me with information I didn't know before | 37% |
| Found and recommended certain mortgages | 35% |
| Clearly explained the process | 34% |
Jon Cooper, head of mortgage distribution, Aldermore comments: “Brokers have been a life raft for first time buyers in a sea of increasing challenges and worsening conditions during the Covid-19 pandemic. Buying a property can be a very daunting experience but brokers have been vital to first time buyers the past twelve months in assisting them to navigate through this period of uncertainty. The much needed expertise and guidance they have provided really shows how crucial the role of the broker is in today’s housing environment and it’s very encouraging that their services have been found to be universally beneficial.”
**Ends**
1 Research conducted by Opinium in February 2021, with a nationally representative sample size of 1,008 prospective FTBs
2 Research conducted, on behalf of Aldermore bank, by Opinium in March 2020, with a national representative sample of 2,003 prospective first time buyers
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