mortgage marketing - uk first time buyer insights
TRANSCRIPT
GETTING STARTED - KEY INSIGHTS - UK
They’re nervous and confused
50% 89% 45%
Of UK homebuyers know what an EPC is
Of UK homebuyers know what a mortgage
in principle or a homebuyers report
means
Of potential first time buyers felt buying a home was too risky because too many
thing might go wrong.
LESS THAN JUST
CLUELESS
2015 Buyer’s Barometer Report, Tepilo Estate Agent.
84%
Of Brits btw 18–34 that don’t own their own home aspire to
do so.
2014 YouGov Homebuyer survey
THE DREAM NERVOUS
2015 Perceptions of FTB housing market report. Halifax Building
Society.
AFFORD A HOME – KEY INSIGHTS – UK
They need help to get on the property ladder
60% £5bn
Of Brits aged btw 18-34 are doing
something that harms their credit score
Of non-home owning adults across Britain fear they'll never get
on the property ladder
Is the amount of money parents will lend their children to help them get on the UK property ladder in
2016.
53%
NO HOPE HARMING CHANCES PARENTAL HELP
2014 EON Survey of 2,009 adults who had moved home within past
3 years.
Ratesetter; Which? Credit Survey of 1,000 households; 2015
3.5 It takes the average
couple in England and Wales to save up for a deposit. In London it
take 8 years.
TAKES AGES
NUMBER OF YEARS
Hamptons Time to Save index 2015
Legal & General survey
FIND A HOME - KEY INSIGHTS – UK
They’re picky, location is key and they don’t check taps
74% 31%
Of UK house hunters stated location as the most important search
criteria.
Of UK adults would consider buying a new
build home. While 34% said they’ve
never been in one.
Of UK homebuyers felt deciding what to offer
was most stressful part of process
33%
NEW BUILDS? YUK! THE KEY FACTOR STRESSFUL
2014 EON Survey of 2,009 adults who had moved home within past
3 years.
2015 Buyer’s Barometer Report, Tepilo Estate Agent. Survey of
2,000 Homebuyers.
28%
CHECKING
Of UK homebuyers check the taps and water pressure and only 35% check the light switches work!
ONLY
2015, Which? survey
ONLY
Why buy new? Homebuyer intentions and opinions. 2016.
2,017 respondents.
FINANCING A HOME – KEY INSIGHTS – UK
They buy together and they find the experience poor
66% 15% Of British home
owners rated the experience of applying for a
mortgage poorly
Of FTBs choose to buy with others and most choose ‘joint beneficial tenancy’
arrangements.
Of British home owners feel their
provider is good at listening to their
problems
73% 25%
Of British home owners are on the
wrong mortgage and could save on average
£4,000 per year.
JOINT MORTGAGES POOR EXPERIENCE LISTENING WRONG MORTGAGE
HSBC survey, Nov 2015
ONLY
<-- YouGov Homebuyer intentions and opinions survey, 2014 -->
COMPLETING THE DEAL - KEY INSIGHTS - UK
Many of them face costly regrets
£5,750 20%
Is the average cost of repairs on hidden
faults that homeowners
unwittingly face.
Of UK home buyers who did not take out a survey have a property
they wouldn’t have bought if they’d known
its true condition.
Of house hunters, mainly first time
buyers, think estate agents act equally for
buyers and sellers.
20% JUST OVER
REGRETS HIDDEN COSTS CONFUSED
2014 report conducted by Royal Institution of Chartered Surveyors (RICS). Survey size of 1,017 buyers across UK. survey of 1,017 buyers across the UK
45%
Of home buyers felt dealing with slow
solicitors who communicate poorly is the most stressful part
of buying a home.
STRESSED
2014 survey, EstatesDirect.com
MOVING IN - KEY INSIGHTS – UK
They find moving very stressful and hard work
50% 25%
Of the UK adults surveyed advised
organising a takeaway on the night of the
move.
Of UK adults rated moving house as the top of their stress list ahead of relationship breakdown, divorce
and starting a new job
Of UK adults admitted leaving it weeks before attempting to unpack
the boxes.
61%
2014 EON Survey of 2,009 adults who had moved home within past 3 years.
SUPER STRESSFUL GET TAKEAWAY UNPACKING
51%
Of home buyers make improvements to their kitchen and 52% to
their bathroom.
DECORATING
YouGov Homebuyer intentions and opinions survey, 2016
Paul and Jen are saving for a two-bedroom home in Manchester. He’s a self-employed electrician and she’s a dental nurse. They see buying a home as cheaper than renting and a wise investment. They’ve been saving for two years already and its tough and boring. Jen even had a relapse recently and treated herself to an online binge clothes haul but Paul persuaded her to return them all. To save faster, Jen wants move in with her parents but Paul isn’t that keen. Jen also wants to ask her parents about helping them out with a deposit but again Paul isn’t sure. After all, Jen has two younger sisters and he doesn’t think it’s right to ask her parents for help. They used a comparison site calculator to work how much they could afford to borrow. They agree on ‘where to buy’ but don’t agree on much else. They’ve already looked at loads of properties on several property search engines but they’ve stopped looking now because the rise in house prices depresses them. They’ve no idea about interest rates but Paul is sure a fixed repayment mortgage is the best option. Jenny is not convinced and speaks to her friends on Facebook about it. Bottom line, she wants to seek independent advice when the time comes. In their day to day lives, they watch box sets on Netflix, listen to music on Spotify, share an iCloud account for photos, buy groceries online and use contactless payment in shops. They have separate savings accounts at the same bank and both use the mobile banking app. In the evenings, Jenny uses Skype a lot to talk to her youngest sister who lives abroad. Both hate politics and Paul has never voted. Meanwhile Jenny used to continually pay her credit card late. She’s now cut it up.
First time buyers – their story
Paul and Jen; late twenties; combined income £50K Functional needs
Emotional needs
Pain points
• To qualify for a mortgage to buy their home and future investment
• To make an informed decision on which mortgage to choose
• To experience a smooth process
• To feel supported • To feel in control • To feel valued
• Saving for a deposit • Understanding the jargon • Too many mortgages to choose from
Keeping track of all the tasks required • Coping with delays they don’t get • Sorting out the move
“There’s so much to consider, bit overwhelmed to be honest. Everyone says it’s a nightmare. I wish our bank could manage the whole thing for us.”
“The whole experience was a nightmare, we were kept in the dark the whole time. We’ve taken out a bloody mortgage and we get more thanks from Starbucks.”
AFTER
BEFORE
Find out how to market to homebuyers
Meeting the expectations of first time homebuyers today can be challenging. That’s why we’ve created great value documentation to help you develop a marketing strategy that will earn their gratitude, trust and loyalty. You can find out more about our reports, here: http://www.personafied.co.uk/first-time-homebuyer-review/
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