More than a third of first-time buyers hope to buy within a year, but many need help getting started

Despite recent economic problems and volatility in the housing market, 35 percent of the 1,000 buyers surveyed hope to buy a home within the next 12 months.

But 76 percent have not yet consulted a mortgage broker.

Instead, they turn to their parents (29 percent), friends (24 percent) and their bank (24 percent) for advice.

It also found that 47 per cent of those surveyed felt there was a lack of advice to support them on their home buying journey, with 38 per cent wishing they had been taught more about it when they were younger.

When it comes to seeking advice from a broker, a third don’t feel they’re far enough along their savings journey to take that step, and 23 percent didn’t know what to ask.

While 31 percent would be more likely to seek professional advice if it were free, 24 percent believe they cannot afford it.

Cecilia Murren, Managing Director Treasury Buying a housewho commissioned the research, said: “With so much market volatility at the moment, when you’re hoping to buy a home, it’s never been more important to get expert advice from a mortgage broker – whether you’re a first-time buyer or not.

“The good news is that you’ll never have to pay for unbiased, commission-free mortgage advice across the market unless you want to.

“No matter where you are in your savings journey, if you have questions about how market conditions may affect your plans, my advice is don’t hesitate to ask the experts your questions – learn all you can as early as possible.

“Every day we support people with guidance and advice tailored to their individual circumstances, helping them navigate the current market environment with more confidence, no matter where they are on their journey.”

First-time buyers are becoming more financially affluent

The study also found that of those who had already spoken to a mortgage broker, 30 per cent only did so when they had saved their deposit or were ready to make an offer on the property.

But a quarter regret not seeking additional expert advice earlier in the process.

With so many factors affecting the mortgage market over the past six months, it’s perhaps unsurprising that 49 percent of those surveyed by OnePoll believe they will now complete a purchase later than originally hoped.

However, motivation and resilience remain high, with 48 per cent believing they will be able to get on the property ladder in the next two years.

And 49 percent are willing to compromise on the type of property they hope to purchase in order to fulfill their dream, while 44 percent are willing to forego a placement.

It also found that 32 per cent are still putting money aside to offset rising interest rates.

But despite the rising cost of living, confident first-time buyers are doing everything they can to protect their deposit savings.

Only three in 10 have reduced their monthly savings, and only 23 percent have stopped saving altogether.

Cecilia Murray of Moneybox Home-buying added: “It has been a tough six months for first-time home buyers, but we can clearly see that the desire to own a home is not waning.

“In fact, people are becoming more intentional than ever before, committing to their savings goals with a greater sense of urgency.

“More lifetime ISAs were opened this year than last year to take advantage of the free government bonus of 25 per cent for every pound saved, and LISA savers also saved more towards their first home deposit this year than last year” . More than a third of first-time buyers hope to buy within a year, but many need help getting started

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