Take this quiz to test your knowledge of house moving jargon

18 January 2024 , 13:42

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Six in 10 are left baffled by house moving jargon - such as Desk Underwriting, and stock plots (Image: SWNS)

Do you know your conveyancing from your capital gains tax – or what it means to exchange contracts? Take this quiz to test your knowledge of the jargon associated with moving house.

A survey of 2,000 adults found that 61% are left baffled when it comes to home moving terms such as “stock plots”, “stamp duty”, and “porting your mortgage” – with “desk underwriting” deemed the most confusing of all.

And other phrases which leave both buyers and sellers scratching their heads include “indemnity insurance”, “deposit unlock”, and “Land Registry” – while others are clueless about Land and Building Transactions Tax (LBTT).

Over a third (37%) claim they were never taught anything about the moving process, which is why they are left so perplexed by the jargon. But 45% admit they simply forget what the words and phrases mean, due to going through it so infrequently.

However, prospective house buyers may need to brush up on their knowledge imminently – as one in five are considering a move during the next 12 months, spurred on by noticing more new homes on the market in their area.

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Of those planning to move house in 2024, over a quarter (27%) agreed that things are looking more positive, after years of uncertainty around the housing market.

And 16% are considering purchasing, as there are now more incentives to help them – with 44% saying they would consider buying a new build when they next move.

The research was commissioned by Cala Homes, which also created the quiz to test home-buyers’ knowledge of these phrases, and has compiled a glossary breaking down the most confusing terms.

Allan Walker, director of sales and transformation for the home builder, said: “There are signs of optimism in the housing market, with people gaining confidence that 2024 could be the right time to move.

“Buying incentives and stabilising mortgage rates have encouraged the view that the upcoming year holds promise for a more favourable landscape.

“It seems many are now more inclined to explore opportunities around moving home. And we are starting to see more people lean towards the new build market – as incentives and facilitators are often available to make the process easier and more achievable.”

It also emerged that, as a result of common confusion around property phrases, 41% have moved home in the past without fully understanding the language used throughout the process.

However, for 68%, despite being confused, all that really matters is knowing they can afford the repayments each month.

The research, conducted via OnePoll, also found 61% agree it is worse for today’s generation to buy and sell properties, compared to 30 years ago. But 38% also understand buying a new build property to be easier than purchasing an older home.

Everything being new and clean, better energy efficiency, and the home being under warranty, are the main reasons why they would opt for a new build over an older dwelling.

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And 28% like the idea of having more creative freedom with what the property looks like from day one.

Allan Walker added: “In the homebuying journey, confusion often sets in due to the technical jargon scattered throughout the process – but this confusion emphasises the role of seasoned professionals in the process.

“Despite the complexity, having a trusted advisor – such as an independent mortgage expert or a sales advisor when buying a new build – to unravel the details, explain the jargon, and illuminate the way forward, supports buyers through their purchase and moving-in journey.”

TOP 25 MOST CONFUSING PROPERTY TERMS: