Youngsters 'need better homebuying advice'

Posted: 06 Jun 2007 11:08:19 GMT

New research has suggested that the younger generation of homebuyers need to be better educated about the property market.

New research has suggested that the younger generation of homebuyers need to be better educated about the property market.

According to a study carried out by AA Legal Services, 40 per cent of first time buyers do not know the difference between a leasehold and freehold property.

Furthermore, many first time buyers are unable to explain the definitions of leasehold and freehold properties, with the 18 to 24-year-old age range understanding the terms the least.

"Our research suggests that many homebuyers are so desperate to get onto the property ladder that they may be over-looking vitally important basic legal principals," warned James Molloy, head of AA Legal Services.

The research suggests that first time buyers need to be given greater advice and education when seeking to purchase a house.

The study also turned up some unusual thoughts on the property market, with two per cent of 18 to 24-year-old first time buyers suggesting that the term 'leasehold property' meant the house would be exempt from council tax.



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