Buying a home is a confusing experience for a third of first time buyers
New research has shown that a third of first time buyers don't have a clue about the processes involved when buying a home for the first time.
Additionally, according to independent.co.uk, research conducted by the Royal Institution of Chartered Surveyors (RICS) reveals that a quarter of buyers don't know the difference between a market valuation, an agent's appraisal and a survey.
Another survey from the Building Societies Association (BSA) reaffirms the idea that buyers lack understanding about certain aspects of buying a house. The survey found 43 per cent are confused about the benefits of the government's Help to Buy scheme. Moreover, almost a third stated they don't know the difference between a 95 per cent mortgage from a lender under the scheme and a 95 per cent mortgage from a lender who isn't signed up to the Help to Buy scheme.
In response to the findings, RICS has launched a series of free guides so that first-time buyers don't encounter any problems when trying to purchase a home, reports propertywire.com.
Peter Bolton King, RICS global residential director, said the housing market is currently doing well and an increasing number of first-time buyers are hitting the property market.
"With this in mind, it's a big concern that there isn't enough advice out there to help people buying and selling their homes, especially when it comes to first-time buyers who haven't gone through the tricky and stressful process of purchasing their first home," he explained.