31 Jul

First-time buyers hampered by "archaic" property system

First-time buyers hampered by "archaic" property system

The HomeownersAdviceCentre.co.uk has described the process of buying property as "archaic" and suggested that the government should take steps to simplify the system.

Al Elliot, a spokesperson for the organisation, suggested that some conveyancers take advantage of first-time buyers' ignorance of the process and charge "extortionate" fees.

"Perhaps the introduction of Key Facts Illustration, like in the mortgage industry, might make buyers realise what they are paying for, and where the money goes," he said.

However, Mr Elliot noted that a shortage of appropriate mortgage products - rather than high fees - is what deters young people from stepping onto the property ladder.

According to a recent Royal Institution of Chartered Surveyors report, a first-time buyer couple taking home lower-quartile earnings would have to save 100 per cent of their joint annual income to meet the £27,738 typically needed for the upfront costs of purchasing a home.
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