You are here: Home - News -

Half of first-time homeowners say buying process made them ill

by:
  • 13/08/2018
  • 0
Half of first-time homeowners say buying process made them ill
First-time buyers are sacrificing health, relationships and careers to get on the housing ladder, research shows.

Over half of aspiring homeowners were made ill by the stresses of the buying experience – up from just over a third in 2017, a survey by challenger bank Aldermore found.

And 46% said the house purchasing experience caused issues in their relationship, up from 34% last year.

This may not come as a total surprise with almost half of first time buyers having a property fall through.

Wannabe homeowners also seem prepared to make career changes to get their foot on the property ladder with 43% of recent first time buyers saying their gave up being self-employed due to the difficulties of securing a mortgage. This compares to 32% in 2017.

Damian Thompson, director of mortgages at Aldermore, said: “With the average first-time homeowner taking almost six years to get on the property ladder, it is understandable that they will face challenges and hurdles along the way. However, it is concerning how negatively the house buying process is impacting health, personal relationships and careers.”

Nicky Lidbetter, chief executive of Anxiety UK, said: “Moving house can be a stressful event for anyone and frequently represents a time of transition and change. For first time buyers, typically young people, this big life event can come at a time when people are already coping with other life stressors including maintaining employment, building relationships and starting a family.

“As such, I am not at all surprised to hear that their wellbeing has been found to be adversely affected through the buying process, particularly with the rise in house prices. This has been somewhat reflective of the increased rates of anxiety, stress and anxiety-based depression that we are seeing in all areas of society, and indeed here at Anxiety UK.”

Worth it in the end

Despite the sacrifices first-time buyers make, there is light at the end of the tunnel once they have the keys to their new home. Over seven in 10 believe the stress was worth it in the end, compared to just over a half in 2017. And 84% found the experience empowering compared to 69% last year.

Seven in 10 believed buying a home with their partner has brought them closer together. This is up from over a half in 2017.

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
Halifax VIDEO PANEL SHOT 13 August 2018
Video panel: First-time buyers and digital advice – a natural fit?

In the fourth adviser-focused video in association with Halifax Intermediaries, our panel of advice experts tackle the question: 'Should first-time...

Close