Over a third of first-time buyers fear experiencing a ‘house value drop/negative equity’, according to a study conducted by money.co.uk.
Additionally more than a quarter (26%) of first-time buyers worry they won’t be able to match their deposit saving rate to the rate of house price rises. And 11% fear ‘breaking up with someone after buying together’.
Other fears include COVID-19 influencing a spike in prices (13%) and being unable to afford their mortgage long-term (22%).
House prices fall slightly but still up 8.8% annually
Nisha Vaidya, mortgage expert at money.co.uk, said: “Getting on the property ladder can be a nerve-racking experience for first-time buyers, as being misinformed can cost greatly – whether it’s losing out on a dream home or losing a lot of money in the process.
“However, the best thing first-time buyers can do is do their homework thoroughly before embarking on this journey.
“Being equipped with the right information will cut the risk of encountering unpleasant scenarios that many first-time buyers fear, such as experiencing negative equity or being unable to afford a mortgage long-term. Once you are confident in your knowledge the process should be less risky and more exciting.”