A recent survey reveals that the greatest concern among first-time homebuyers in the UK is their lack of knowledge.
Only 13% of aspiring owners reported a full understanding of the property purchase journey — meaning a huge 87% aren’t fully aware of how buying a home works.
The findings highlight challenges that continue to shape the first-time buyer experience amid evolving market conditions.
Polling 2,000 potential first-time buyers, Lloyds Banking Group’s research found that while 32% of respondents are familiar with most of the homebuying process, a notable 42% admitted they have only partial awareness.
Do you feel confident in your knowledge abut the home buying process?
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Yes
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No
The legal intricacies — specifically conveyancing and Land Registry procedures — ranked as the most daunting aspect for nearly one in three participants (29%).
Mortgage approval concerns followed, affecting 22%, reflecting anxieties over financial eligibility and the uncertainty of securing funding.
Finding the right property was cited as the primary stress factor by 12%, while mortgage deposits and affordability challenges notably delayed submitting offers for 22% of those surveyed.
Job security and income stability also remain important, with 19% expressing concern over their financial future.
Around two-thirds (65%) of the prospective buyers intend to seek professional guidance from lenders or mortgage advisers, but 19% did not.
Young buyers aged 18 to 24 appear particularly reliant on family advice, with 46% consulting parents compared to 34% across the broader age range.
Amanda Bryden, head of mortgages at Lloyds Banking Group, said: ‘Buying your first home is a big milestone, and it’s natural to feel uncertain — especially with so much to consider.
‘The good news is there’s plenty of help available, from clear online guides to a conversation with a qualified mortgage adviser or broker.’
However, these findings align with broader data indicating a sustained confidence crisis. Halifax’s research from 2024 reports that 61% of young first-time buyers find the home purchase process daunting and 55% admit to not feeling confident about it.
Nevertheless, affordability remains a major barrier, with 61% feeling priced out despite a high desire to own.
A previous Lloyds Bank survey also highlights shifts in buying methods, with 46% of young buyers expressing openness to buying jointly with friends or siblings, though nearly half still feel ashamed about borrowing from family for deposits.
The challenges prospective buyers face are reflected in the average age of first-time buyers, which has increased since 2021.
The South East has experienced a near three-year jump in average buyer age, reaching 34, the highest in the country.
As a result, many buyers are looking to joint ownership, distributing financial burdens and making entry into property ownership more feasible.
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