MORE than a third of first time homebuyers do not understand what they are letting themselves in for when buying a property, according to a British survey published yesterday.

Research by Barclays Mortgages, one of Britain's top 10 lenders, revealed experienced homeowners were no better informed with more than half admitting they were baffled by at least some of the process.

The survey, which comes as statistics show the beleaguered British housing market is beginning to pick up, found nine out of 10 buyers believed the jargon used by the industry was confusing.