FTBs underestimate home-buying costs says National Homebuyers

Many first-time buyers (FTBs) underestimate how much money they need to get onto the property ladder.

[UKPRwire, Fri Nov 02 2007] That is according to Key Financial Consultants, which says that many young buyers do not realise how much certain services cost.

The firm also points out that many young people need help from their parents if they are stand any chance of buying a home, spelling bad news if you are searching for someone to buy your property.

"I think we're going to see more and more assistance from families for first-time buyers," said Dominic Mansley, managing director of Key Financial Consultants.

"It should start almost on the date of their birth with family and friends.

"We also find that they [FTBs] underestimate the costs for legal fees – searches as well as the conveyancing – and for deposits and stamp duty," he added.

Fast property sale expert Julian King of National Homebuyers says, "Traditionally FTBs accounted for 45-50 per cent of all property transactions. This is getting less and less and continues to have an effect on property prices.

"When more properties come onto the market in 2008, the lack of buyers will be bring the prices down. This will be felt across the UK for many, many months".

Mr King is a director of National Homebuyers, the UK's leading fast property purchase firm that guarantees to make an offer on any property in the UK for vendors who need a quick sale.

Recent research by Moneysupermarket revealed that the number of FTBs in the UK market plummeted by 20 per cent in the last six months.

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