The Finder report additionally highlighted that 42% of first-home buyers who managed to safe finance had missed out on a property a minimum of twice, whereas 20% skilled this on three or extra events.
“Securing a primary property could be a very irritating and exhausting course of that drags on for months on finish, which is why it’s so disappointing if you’re pipped on the submit,” mentioned Sarah Megginson (pictured), private finance skilled at Finder. “When practically two-thirds of buyers are lacking out on properties they’re severe about, it’s a transparent signal that the market is stacked in opposition to new entrants.
“With only some homes to select from at an reasonably priced value, buyers are sometimes competing for a similar properties. As budgets get stretched, buyers resort to no matter it takes to safe their dream property.”
Finder mentioned it’s internet hosting a free on-line First Home Buyer Masterclass subsequent week, aiming to assist potential buyers navigate the method. The session will cowl methods for constructing a deposit, securing mortgage approval, and making ready for dwelling possession.
