Finding the right home is most stressful part of buying, research has found

Taylor Scott International News

Finding the right property is the most stressful aspect of the buying process for people in the UK, according to new research. Moving day is seen as more stressful than finding a mortgage or negotiating on price and one in three people claim that buying a property is either more or as stressful as the end of a serious relationship. The research, conducted on behalf of Ocean Finance, also reveals that 22% claim buying a property matches or exceeds the death of a relative in terms of stress. Following the house market crash of 2008, the UK’s property market has shown signs of recovery with house prices rising across much of the country supported by continuing low interest rates and schemes such as Help to Buy and 16% of survey respondents said they have bought a home in the last five years. There are many steps to take when purchasing a home, but the one voted as most stressful by those who have bought in the past five years is simply finding a property. Some 45% of people who have bought in the last five years say finding a place they wanted was the most difficult part. However, despite the recent credit crunch, securing a mortgage is seen as less stressful than moving day itself. Some 42% of buyers rate packing and physically moving their belongings as the most stressful thing about moving house, compared to 37% who cite applying for a mortgage. Moving also beat negotiating with the sellers on price (41%) in the stress stakes. ‘Buying a house can be incredibly stressful as there’s so much involved but it’s still surprising to find that some people rate it as more stressful than breaking up with a partner or a loved one dying,’ said Ian Williams, spokesman for Ocean Finance. While finding a suitable home, applying for a mortgage and actually moving can all cause anxiety, the end result is often worth it. Owning your own slice of the property market can be a great feeling and hopefully it will be a few years before you have to cope with all that stress again,’ he added. Continue reading →

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