Sunday, 17 December 2017

First time buyers in the dark

ALMOST a third of first time buyers across the country admit that they do not understand the processes involved when

ALMOST a third of first time buyers across the country admit that they do not understand the processes involved when purchasing their first home. At a time when schemes such as Help to Buy are seeing demand rapidly increase, the Royal Institute of Charted Surveyors has launched a set of free, consumer-friendly guides to help buyers and sellers.

Almost a third (29 per cent) of first time buyers admit to not fully understanding the purchase process when taking the plunge, and more than a quarter of first time buyers also admit to not knowing the difference between a market valuation, an agent’s appraisal and a survey.

The guides include:

* Buying a home

* Selling a home

* Home surveys

* Renting a property

* Letting a property

* Property auctions

* Boundary disputes

Peter Bolton King, RICS global residential director, said: “The guides we produced are designed to help those who are looking to buy, sell or rent a home and, hopefully, will go some way to making sure the growing number of transactions across the UK go smoothly.”

Phase two of the government’s Help to Buy scheme is expected to see a sharp increase in potential buyers, and chartered surveyors expect to see transaction levels increase by the year end.

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