British homebuyers confused by UK’s ‘unfair’ property buying process.
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More than six in 10 (62%) think the process of buying in the UK is confusing
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Almost four in 10 (37%) think the house buying process is unfair
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Less than half know what many key home buying terms mean
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Moving day is most stressful aspect of the buying process (42%)
A new survey* by Sarah Beeny’s estate agent, Tepilo, has revealed that Brits find the UK property buying process confusing and unfair.
Complicated and unfair
More than six in 10 (61%) of those surveyed admitted they find the whole buying process confusing, with the main reason being the number of expensive and complicated processes they have to go through to bag a new home.
Almost a third (27%) said the buying process is far too complicated and expensive, 21% think transactions take too long and over one in 10 (14%) worry about the risk of a sale falling through prior to exchange when they’ve already forked out money on legal and survey fees.
Four in 10 (37%) also think the buying process in the UK is unfair. When asked how they think it could be made fairer, 40% said that once a sale has been agreed it should be made legally binding so no one can pull out, which would help to reduce the worry of losing money spent on legal and survey fees if a sale falls through.
A further 35% think bidding above an already accepted offer shouldn’t be allowed and almost a third (31%) think that sellers should be responsible for paying for the survey on the house they are selling.
Understanding of the buying process
When homebuyers were asked whether they knew the meaning of key house buying terms, the results were surprising, with many not knowing what phrases like conveyancing, EPC and land registry fees mean.
Just 41% know what a mortgage in principle is, only 45% know what a homebuyers report is and 48% know what conveyancing means.
Almost two thirds (60%) know what the terms exchange of contracts and stamp duty mean, with just over half (53%) understanding what the land registry fee is and only 50% knowing what an EPC is.
A staggering five per cent of buyers admitted to not knowing what any of the terms meant!
Most stressful aspects of moving
However, although Brits find buying confusing and complicated, it’s moving day that proves the most stressful aspect of the buying process for 42 per cent of people, closely followed by deciding how much to offer on a property (31%).
Getting a mortgage agreed in principle is also deemed stressful by 28% of Brits and deciding which solicitor to use by 27%.
The British Buyer Barometer survey has been conducted by Sarah Beeny’s online estate agent, Tepilo, to uncover the habits of British homebuyers. It surveyed 2,000 British homebuyers, who have either bought in the past year, are in the process of buying or are planning to buy within the next 12 months.
Sarah Beeny, owner of Tepilo, said: “It’s staggering to see just how many people think that buying a house in the UK is complicated and unfair. It shouldn’t be this way, as the actual process of buying and selling houses is fairly straight-forward if you understand it. However, many estate agents and solicitors benefit from people thinking the process is complicated, as it allows them to charge astronomical fees to look after key elements of transactions on behalf of buyers and sellers.
“To help Brits feel more comfortable when buying and selling, I’d advise them to really research the process thoroughly before purchasing a new home or selling an existing one. Gen up on all the steps involved, the average costs for each and all the terms associated with property transactions. That way, you’ll feel much more empowered and in control of the process, which will help to reduce your stress levels and give you more time to concentrate on how you’ll make your new house feel like home.”
Teplio is an online estate agent owned by property guru and TV personality, Sarah Beeny. She set up Tepilo to help redesign the property selling process around the customer, offering hugely reduced fees and 24/7 customer support from a highly experienced team. Tepilo also offers customers an easy to use website and an app that allows them to track their property sale and receive instant notifications.
For further information, visit www.tepilo.com.
Blog content supplied by Content Soup
* The British Buyer Barometer survey was conducted by Tepilo, using a UK-wide sample of 2,001 homebuyers, who have either bought in the past year, are in the process of buying or are planning to buy within the next 12 months. Respondents were aged 18-65.
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