"The rise in first-time buyers using brokers highlights the growing complexity of the property market. It's encouraging to see many buyers having a positive experience, which isn’t surprising."
- Jon Cooper, director of mortgages at Aldermore
Two thirds (64%) of first-time buyers used a broker when buying their first home this year, compared to only one in three (36%) last year, according to new research from Aldermore.
Brokers helped to ease the homebuying process for many first-time buyers, with nine in 10 (90%) reporting having a positive experience.
Buyers appreciated that brokers clearly explained the application process (42%), helped them complete important paperwork (42%), and were by their side throughout the process (40%).
While some buyers chose not to use a broker because they felt it would be too expensive (16%), most brokers were cheaper than prospective first-time buyers expected (£583 vs £799 anticipated by prospective buyers).
Jon Cooper, director of mortgages at Aldermore, said: “The rise in first-time buyers using brokers highlights the growing complexity of the property market. It's encouraging to see many buyers having a positive experience, which isn’t surprising. Brokers are invaluable, not just for finding the best deals but also for guiding clients through a complicated and unfamiliar process.”
