Over a third of first-time buyers hope to buy within a year – but many need help with where to start

Despite recent economic challenges and volatility in the housing market, 35 per cent of the 1,000 aspiring first-time buyers polled hope to purchase a home within the next 12 months.

But 76 per cent are yet to consult a mortgage broker.

Instead, they are seeking advice from parents (29 per cent), friends (24 per cent) and their bank (24 per cent).

It also emerged 47 per cent feel there is not enough advice available to support them on their home-buying journey, and 38 per cent wish they had been taught more about it when they were younger.

When it comes to seeking advice from a broker, a third didn't feel they were far enough along their savings journey to make that step, and 23 per cent didn’t know what to ask.

While 31 per cent would be more likely to seek professional advice if it was free, with 24 per cent believing they were unable to afford it.

Cecilia Mourain, managing director at Moneybox Home-buying, which commissioned the research, said: “With so much market volatility at present, if you hope to buy a house it’s never been more important to get expert guidance from a mortgage broker – whether you're a first-time buyer or not.

“The good news is you should never have to pay for whole-of-market, unbiassed, and commission-free mortgage advice unless you choose to do so.

“No matter where you are in your saving journey, if you have questions about how market conditions might affect your plans, my advice is, do not hesitate to ask your questions to the experts – learn all you can, as early as you can.

“Every day we are supporting people with guidance and advice tailored to individual circumstances, helping them navigate current market conditions with greater confidence, no matter where they are in their journey.”

First-time buyers are becoming more financially intentional

The study also found that of those who have already spoken to a mortgage broker, 30 per cent did so only when they had saved their deposit or were ready to make an offer on a property.

But a quarter regret not asking for more expert advice earlier in the process.

With so many factors affecting the mortgage market in the last six month, perhaps unsurprisingly, 49 per cent of those surveyed, via OnePoll, think they will now end up buying later than originally hoped.

Yet, motivation and resilience remain high, with 48 per cent believing they will succeed in getting their foot on the property ladder in the next two years.

And 49 per cent are ready to make compromises on the type of property they hope to buy in order to make their dream a reality, with 44 per cent willing to back down on the location.

It also emerged 32 per cent are still continuing to save towards their deposit to offset rising interest rates.

But despite the rising cost of living, hopeful first-time buyers appear to be doing all they can to protect their deposit savings.

Only three in 10 have reduced their monthly deposit savings and only 23 per cent have paused their savings completely.

Cecilia Mourain, from Moneybox Home-buying, added: “It’s been a tough six months for first-time buyers and yet we have clearly seen the desire to own a home is not waning.

“In fact, people are becoming more intentional than ever before, committing to their deposit-saving goals with a greater sense of urgency.

“More Lifetime ISAs have been opened this year than last year to avail of the free 25 per cent government bonus on every pound saved and LISA savers have also saved more toward their first home deposit this year than last year.”