Nearly three quarters (72%) of homebuyers think the process of purchasing a property should be taught to school children, as the majority felt under prepared and overwhelmed when purchasing their last home, a survey commissioned by Stipendium has found.
The most daunting aspect was organising a solicitor and surveyor, while the final exchange of contracts also ranked as one of the areas they were particularly clueless about.
Many were also in the dark about sorting that all important mortgage in principle before they could get started with their house hunt, with completing on their purchase and finalising their offer and mortgage were also some of the biggest knowledge gaps.
Having a mortgage secured before the purchase can give the seller the peace of mind to agree to the deal and make gazumping less of a threat.
Christina Melling, chief executive of Stipendium, said: “Buying a house can be an incredibly daunting task, especially for first-time buyers, and it says a lot that so many existing homebuyers are still in the dark about the process despite having done it before.
“While it may seem a lifetime between being at school and buying your first home, it’s a huge event and one that would be time well spent educating children about.
“As it stands, we remain at the mercy of the industry professionals that facilitate our purchases and while they do a great job, it’s impossible for them to educate every single buyer at every step of the property purchasing timeline.”
Two thirds (66%) of those to have purchased a home in the last six months were unaware of how the actual process worked.
Stipendium conducted the research to promote Merge, a product providing tools, services and guidance on getting on the property ladder.