Prospective first time buyers underestimate home buying process by nearly five months

According to Aldermore’s latest First Time Buyer Index¹, prospective first time buyers (FTBs) underestimate how long the homebuying process will take by nearly five months
Recent FTBs spent the longest time viewing properties – it takes an average of four months to find your dream home
Liaising with estate agents takes over a month longer than people expect

Activity	How long people expect it to take	How long it actually takes
Viewing homes	20 weeks	18 weeks
Liaising with mortgage brokers	10 weeks	16 weeks
Negotiating with solicitor/conveyancer	11 weeks	14 weeks
Liaising with solicitor/conveyancer	16 weeks	15 weeks
Liaising with mortgage provider	11 weeks	16 weeks
Liaising with estate agents	11 weeks	17 weeks
Other (getting insurance, sorting renovations)	11 weeks	15 weeks

Jon Cooper, director of mortgages at Aldermore, comments:

“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. 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.”

**Ends**

Notes to editors

¹Research 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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