You are here: Home - News -

A third of borrowers find homebuying process stressful and overwhelming

  • 17/03/2022
  • 0
A third of borrowers find homebuying process stressful and overwhelming
The homebuying process is more “complex and time-consuming” than most people antipated, as calls for more should be done to help borrowers navigate it.

Three in 10 new home owners said that the homebuying process was too complicated, and 32 per cent said that they found the experience overwhelming, according to Moneybox’s survey of 1,500 adults.

Just under a third, 32 per cent, said they should have been better informed during various stages of the arduous process, and one in five said that they would have used an expert for advice in retrospect.

Three in 10 experienced unexpected delays in the chain, and 15 per cent had been gazumped or outbid when they found a property they wanted to make an offer on.

When asked what the most stressful parts of the process were, almost two in five, 38 per cent, said waiting to hear on completion date was “agonising”, and 37 per cent said the time taken for solicitors to send documents for completion was “frustrating”.

More than a quarter, 27 per cent, said that the homebuying process took longer than expected, and finding the right property was a challenge with an average of six property viewings before finding something they liked.

The average buying process, from putting in an offer to completion, was around 5.2 months, according to Moneybox.

Top causes of stress

The top cause of stress for homebuyers was solicitors not getting back to them, at 28 per cent, and the same number of respondents said the amount of admin was equally horrific.

Roughly a quarter, 24 per cent said that finding a house that they liked and could afford was the most stressful part, which tied with the same number who cited the lack of control in the process causing the biggest headache.

Around 22 per cent said staying on top of the process whilst working full-time added stress, and 18 per cent said unexpected costs were the worst part for them.

A lack of understanding around homebuying jargon was mentioned by 15 per cent of participants as adding stress.

Cecilia Mourain, managing director for homebuying at Moneybox, said: “This important life goal for many is undoubtedly daunting, especially when trying to prepare for all the homebuying process entails.

“However, these findings show that more needs to be done to help people understand what to expect as well as practical measures to support them navigate their home-buying journey, which can be complex and very time-consuming.”

To mitigate the heaps of stress caused by the process, Moneybox advises buyers to try not to worry about things outside of their control, to be financially prepared to cover costs, preparing key documents as soon as possible, asking as many questions as you can (it’s a lot of your money, and you’re paying for the process after all), getting more quotes, taking time over big decisions, using a mortgage broker, being flexible with the move date, and securing expert advice as early as possible in the process.

There are 0 Comment(s)

You may also be interested in