With young people taking longer to get on the property market, we wondered how much potential first-time buyers understand about different aspects of the British housing market.
There’s so many complex phrases and acronyms to take in, so it’s no wonder the experts are being called upon more for help. This is why online estate agents, Hatched, decided to find out how much young people knew about buying a house and tested whether they could accurately estimate the prices of different properties currently on sale in the UK.
A mixture of ages, including 11-year-olds, A-level students and millennials, were all quizzed about tricky terms like “stamp duty” and asked questions like: “how long does the house buying process take?” The results revealed were very interesting.
It was a positive sign that younger generations had quite a strong knowledge overall, although they did seem to struggle with terms like “cul-de-sac”. Also, rather surprisingly, the youngest participants proved to be better at guessing the price of properties currently on the market!
Watch the video to find out if you know more than an 11-year-old when it comes to the UK property market…