Why research and planning is key to buying

16 2 17 estate agents 1200 - Why research and planning is key to buying

Why research and planning is key to buying

16 2 17 estate agents 1200 1024x576 - Why research and planning is key to buying

With an expected rise of 7.2 million renters by 2025 (PwC), the lack of affordable housing in the UK is fuelling the current housing crisis. But it isn’t just affordability that is an issue amongst the latest generations of aspirational home buyers, but a lack of knowledge on the overall process that is also acting as a deterrent.

NatWest’s Home Buying Survey found that a third of the people interviewed wanted to buy a house but don’t think that they could afford to. It’s not as bad as you think though – in fact just educating yourself could save you thousands.

The NatWest’s survey of 2,025 UK residents aged between 20 and 45 shows that over a third of those who don’t own a property today believe they will never be able to afford one; an overwhelming 82 percent of those questioned believe Brexit to be damaging their chances of buying.

However, most striking in the survey is how much FTBs over-estimate certain costs.

On average, those questioned felt a valuation fee would cost £1,446 whereas NatWest says the actual average cost is £250.

Stamp duty is judged to be £3,000 on average whereas it is £1,840; the mortgage arrangement fee is actually £995 on average but FTBs expect it to be £1,815.

Biggest understanding gaps are from first time buyers

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