It appears that the up-and-coming generation of first-time buyer's has a lot to learn about a purchasing a home.

A recent survey conducted by removal firm, reallymoving.com, questioned 500 people looking to buy a home for the first time in the next 3 years. The results of this survey were quite surprising as many were uninformed on which responsibilities were theirs during the buying process.

The survey found that 67% of survey respondents believed that it was the responsibility of the estate agent or the surveyor to carry out searches, including local authority searches, planning and flood risk reports.

When it comes to mortgage valuations, homebuyers reports and building surveys, only 37% of those who took part in the survey were aware that organising these items was their responsibility.

It was also found that 40% of first-time buyer's would make an offer on a home before they have acquired a mortgage offer, whilst 37% were under the impression that the exchange of contracts took place on the day that they move into their new home.

36% of participants assumed that the cost of a survey was paid for by the seller of the home and 24% believed that stamp duty was also a bill for the vendor.

Chief Executive at reallymoving – Rob Houghton – spoke on the findings of their research, he said “Failure to grasp the fundamentals of the home-buying process will create big problems for first-time buyer's and could lead to unexpected costs and transactions falling through. Buying a property is rarely straightforward, but it is in the best interests of FTBs to ensure they are as well prepared as possible.”

There have been many reports over the past few months of a surge in first-time buyer's entering the market due to the removal of stamp duty. However, the results of this survey suggest that some serious research is needed from the upcoming generation before they take their first step onto the ladder.