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Mortgage Marketing - UK First Time Buyer Insights

Want to know what UK First Time Buyers think about the home buying process? Here are the key stats covering the entire customer journey.

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Mortgage Marketing - UK First Time Buyer Insights

  2. 2. 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.
  3. 3. 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
  4. 4. 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.
  5. 5. 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 -->
  6. 6. 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
  7. 7. 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
  8. 8. MEET PAUL & JEN In summary
  9. 9. 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
  10. 10. Now for the hard sell!
  11. 11. 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/ This 100+ page report examines 12 direct/indirect rivals and informs you what content the best in the business are providing and identifies the key gaps. This document provides you with 25 insight-led recommendations to help you justify and ramp up your experience design and content marketing efforts This 1 pager is the synthesis of all content and experience design thinking and can act as your North Star driving all experience design initiatives in this space.
  12. 12. We’re a small content consultancy that believes the future of marketing lies with brands finding out how to connect and create value for their customers. We just don't believe developing such insights must cost the earth. Please email us if you wish to discuss how we can assist you further. george@personafied.co.uk Intrigued? Get in touch.
  13. 13. That’s it! Thank you and goodbye.