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First-time buyers using brokers swells to 48 per cent during pandemic – Aldermore

by: Anna Sagar
  • 01/06/2021
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First-time buyers using brokers swells to 48 per cent during pandemic – Aldermore
The proportion of first-time buyers using a broker has leaped during the pandemic from 19 per cent in March last year to 48 per cent in March this year, according to research from Aldermore.

Aldermore Bank’s first-time buyer index, which surveyed over 1,000 first-time buyers, also found that one in five intended to use a broker soon to secure a home purchase.

The survey found that around 98 per cent of first-time buyers said using a broker during the home-buying process was helpful.

The top three reasons cited for using a broker, with each factor surpassing 54 per cent included advisers providing useful recommendations, checking affordability of mortgages and helping buyers navigate complicated paperwork.

Other reasons cited included providing information previously unknown to the buyer, which was the case for 37 per cent of respondents, finding and recommending certain mortgages as cited by 35 per cent of people and the clear explanation of the process, according to 34 per cent of respondents.

Aldermore’s mortgage distribution head, Jon Cooper, said brokers had been a “life raft” for first-time buyers amid challenges and worsening conditions due to the Covid-19 pandemic.

He added: “Buying a property can be a very daunting experience but brokers have been vital to first-time buyers the past twelve months in assisting them to navigate through this period of uncertainty.

“The much-needed expertise and guidance they have provided really shows how crucial the role of the broker is in today’s housing environment and it’s very encouraging that their services have been found to be universally beneficial.”

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