Mortgage Marketing - UK First Time Buyer Insights

MORTGAGE MARKETING SIMPLIFIED  

THE STATS YOU NEED TO KNOW ABOUT FIRST TIME BUYERS IN THE UK

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

MEET PAUL & JEN In summary

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

Now for the hard sell!

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.

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.

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