Buyers' remorse: One in three homeowners searches for a new property within a year of buying one

22 January 2019
Image

As many as one in three (34%) of Brits admits they have searched for a new home despite having just bought a property, new research has found.

More than one in 10 (13%) admitted to being “very unhappy” in their homes, according to the study conducted by window furnishing company Thomas Sanderson.

The chief reasons for unhappiness included location, the price and neighbourhood according to the survey of 2,457 homeowners. 

A quarter (24%) said they wanted to live elsewhere, and 18% said they did not like the neighbourhood they lived in.

Concerningly, 23% said they were struggling to keep up with their mortgage payments.

Of those who admitted to having looked for a new property (both online and in person) the most common reason (22%) was to see what they could have bought for the same price.

This was closely followed by one in five (20%) admitting searching for new property because they regretted buying their home.

After that came wanting to relocate (18%), made a mistake (15%), and could no longer afford the property they had bought (14%).

Of these, one in five were so unhappy with the property they bought they were actively looking for a new home after less than a year.

Richard Petrie, marketing director for Thomas Sanderson, comments: “The housing market is a volatile beast, and the fear of missing out on a good house or deal can cause people to rush into buying a property.

“It’s understandable to be nosy about what else you could have afforded for the same price that you paid for your property, but interesting that Britons are looking to move house so quickly after buying."

Avoid buyers remorse

It is essential when looking for a new home or making your first ever property purchase to consider the factors in your life that might impact a bad decision. 

Despite recent news that the property market is deflating, property website Rightmove has recently reported a 5% increase in propertyy searches on its site compared to the same period in January 2018. 

And mortgage deals are some of the most competitive they've been in years as lenders struggle to find borrowers to take on new loans.

Banks such as HSBC and thw Co-operative Bank have introduced very competitive new rates in recent weeks to attract homebuyers. 

But it is right to think carefully before taking out a mortgage. Committing to a 25-year deal is one of the biggest life and financial decisions you will ever make. 

Rushing into a decision can be costly and miserable, so take time to think about where you are buying, what you want from it, and whether it makes financial sense. 

Mr Petrie adds: “Take your time when looking for a house and ensure that is 100% right for you before you put down a deposit and go through the process of buying.

"It’s an expensive process to find out you don’t like the home you’ve purchased, and one that’s not easy or cheap to rectify.”

Comments

In reply to by anonymous_stub (not verified)

Great advice!

Add new comment