A survey we ran with a number of media partners has revealed that, in the majority of households, there is shared responsibility for the search for a new home. Even the children play a role in some cases (why not? they will be living there too).
In fact, in almost 70 per cent of households thinking about moving to a new house, there is no clear leader in the property search.
However, where there is one individual leading the search it is likely to be a woman. This is the case in more than 30 per cent of households. In only a very small number of mixed gender households is it a man taking the lead.
The research also identified a strong role for ‘extended families’ in both searching and decision-making by first-time buyers. Parents in particular are heavily involved – perhaps not surprising when the research also shows that the ‘Bank of Mum and Dad’ is the most common source of financial help for house buyers.
Not everyone gets financial help, however. The survey shows although many (28 per cent) current house-hunters expect to receive some help with putting together the deposit needed to secure a mortgage, most of them (64 per cent) say they will have no assistance.
And when it comes to the point of purchase it appears that not all the promised assistance materialises. Among those who have actually completed a purchase only 22 per cent say they received help with the deposit.
Those who did receive help with putting together a deposit usually (58 per cent) obtained it from their parents – and grandparents assisted a further 8 per cent of respondents.
A slight majority (51 per cent) of those who received help are expected to pay the money back – but 46 per cent are not and 3 per cent are unsure.
About the research:
1. The research was conducted in two phases:
a) An online survey in which people were asked a number of questions about their house-buying preferences and experience.
b) A telephone interview in which people were asked more probing questions about a number of topics.
2. The survey was promoted online and in print through a number of channels to obtain a representative cross-section of respondents who were either currently searching for a new home or had bought one within the past 12 months.
3. What Mortgage and First Time Buyer Magazine were media partners and helped to promote the survey to their readers.
4. 418 people took part in the online survey and 30 then went on to participate in the telephone research.
