Naive FTBs 'experiencing problems'

Posted: 16 Mar 2012 13:04:58 GMT

            Property News - Naive FTBs 'experiencing problems'

Many UK FTBs are ignoring the practical side of home ownership.

Naivety is affecting a number of first-time buyers (FTBs) in the UK, as many fail to consider the practicalities of owning a home prior to entering the property market.

This is the suggestion of new research from HSBC, which found individuals in this group are not thinking about important aspects of setting up a home.

While 35 per cent of those questioned said a major consideration for them was location, 27 per cent cited the size of the outdoor space and 21 per cent noted the local amenities, just one per cent thought about plans for development in the area.

In addition, as little as four per cent looked at the state of neighbouring dwellings, only five per cent kept an eye out for signs of subsidence and around six per cent calculated how much it would cost to update the abode.

Peter Dockar, head of mortgages at HSBC - which has more than 7,500 offices worldwide - said: "It is important that first-time buyers consider more than just their immediate desires when looking for their first home."

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