In a survey of 2,000 people planning to buy their first home, only 13% said they fully understand the homebuying process. A further 32% said they understand most steps, while 42% reported knowing only some of what is involved.
The legal process was identified as the biggest concern, with 29% of respondents saying they were most worried about conveyancing and Land Registry procedures. Obtaining a mortgage was the next most common concern at 22%, followed by finding the right property at 12%. Only 4% said they felt confident about every stage of the process.
Affordability was also cited as a key barrier. Over one in five respondents (22%) said needing to save a large deposit had delayed them from making an offer, while 19% expressed concern about job security or income stability.
Despite these challenges, most aspiring homeowners said they plan to seek advice before buying. Nearly two-thirds (65%) intend to speak to a lender or mortgage broker for guidance, although almost one in five (19%) said they do not plan to seek any advice at all. Parents were identified as the most trusted source of advice, with 34% of respondents saying they would turn to them for guidance. This rose to 46% among those aged 18 to 24.
Amanda Bryden, head of mortgages at Lloyds, had a message for first-time buyers: “Buying your first home is a big milestone, and it’s natural to feel uncertain – especially with so much to consider. The good news is there’s plenty of help available, from clear online guides to a conversation with a qualified mortgage adviser or broker. With the right support, taking that first step onto the property ladder becomes much more manageable. And with mortgages available with as little as a 5% deposit, it’s often more affordable than you might think.”
