Nine in 10 first-time buyers believe they understand the home-buying process before starting, but 71% subsequently encounter unexpected costs, research from LPL has found.

The conveyancing firm’s First-Time Buyer Anxiety Index points to a gap between buyers’ expectations and their experience once a purchase is under way.

LPL surveyed 500 first-time buyers in July, split equally between people currently buying their first property and those who had completed within the previous two years.

Although 90% of respondents initially felt confident about the process, 62% reported experiencing a rejected mortgage application, while 70% encountered delays involving solicitors. LPL also found that a similar proportion had experienced being gazumped.

Among buyers who had experienced delays, a quarter said the disruption had affected their mental health.

PROFESSIONAL ADVICE GAINS VALUE AFTER COMPLETION

The research also highlighted differences in where first-time buyers seek guidance before and after going through a purchase.

Those currently navigating the market were more likely to rely on family, friends and online articles. However, respondents who had completed their purchase placed greater value retrospectively on professional advice from mortgage brokers, estate agents, lenders and conveyancers.

LPL suggested that uncertainty over costs, mortgage applications and transaction timescales can undermine the confidence buyers have at the start of the process.

Louise Stephens-Pantoja, head of operations at LPL, said: “Getting on the property ladder is one of life’s most exciting milestones, but there is a clear gap between how prepared first-time buyers feel and how prepared they actually are.

“Buyers start the journey confident as there’s more information available than ever before, but it’s the unexpected that becomes the biggest source of stress.

“Better communication and clearer expectations can help prevent this and, as those looking back retrospectively point out, professional help earlier in the process can make a real difference and help navigate those moments with more confidence.”