First time buyers cautioned over non-financial house purchase pitfalls

11-Jun-2007

A study has alerted first time buyers to the fact that the potential pitfalls involved in buying a house do not stop at simple financial issues.

While buyers are finding it increasingly difficult to purchase their first property, the task does not get any easier once enough money has been raised to do so, a new survey has revealed.

The survey from online moving firm Moveme.com found that around 25 per cent of respondents said they spent at least six months resolving issues involving solicitors, packing and removal men before they could complete their move.

A separate 20 per cent confessed to becoming frustrated with the amount of time such processes took. Despite such concerns, around six million UK residents are expected to move home this year.

"Stress when moving is brought on simply when people do not know what to do or when to do it as part of the bigger moving picture," advised Moveme.com founder Keith McNeilly.

The average house price could reach ten times the average income within the coming years if action is not taken to help first time buyers, it was reported last week.

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