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Buying and selling a home is top concern for young adults

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08/05/2017
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.

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 The next government must fix the outdated home-buying process.”

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