Buying a new home ‘daunting’ for Britons

Buying a new house and taking on the debt that such a process includes is more daunting than marriage, divorce, or starting a new business for Britain’s 18 to 24-year-olds, according to the latest research.

The AA has revealed that seven per cent of those who buy a new home are concerned about being ripped off by estate agents, which could leave them needing debt advice or further from a debt free life.

Further to this, some 29 per cent are unsatisfied with their new property when they finally move in, according to the research, suggesting the accruing of extra debt may be a waste of time.

“For most people, buying a home will be the most important purchase they make in their lifetime, so it’s really important to get it right and make sure you have no regrets once the contract is signed,” said Janet Pell, head of AA Home Insurance.

Advice on the housebuying process is sought from the internet by almost one in five (18 per cent), while 30 per cent would turn first to an estate agent, according to the AA research.

Last month uSwitch revealed that a number of graduates have had to put off the purchase of a house due to the level of debt they are servicing.