First-time Buyer
Buying and selling a home is top concern for young adults
Home buying and selling is the top concern for young adults, according to research by consumer group Which?
People aged 18-34 consider buying a property more of a concern than social care for older people and energy prices.
For adults of all ages, three in 10 (28%) cite home-buying and selling as a top three priority for the next government, rising to four in 10 (42%) for those living in London.
Separate Which? research found three in 10 house purchases fall through, leading to an average loss to the potential buyer of £2,200. It also found it can take an average of four to five months to complete a property purchase.
The consumer group is calling on the next government to conduct a thorough review of the home-buying process to make the system easier, particularly for buyers.
It wants the review to examine the role played by estate agents and conveyancers.
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Which? said all political parties should set out in their manifestos how they intend to improve the home-buying process for consumers.
Alex Neill, Which? managing director of home products and services, said: “Buying a home is one of the most significant purchases consumers ever make and one of the most stressful life experiences.
“It takes people far too long to buy property and home-buyers are losing out on substantial amounts of money due to flaws in the system. The next government must fix the outdated home-buying process.”