Half of FTBs say stress of buying process made them ill
More than half of first-time buyers claim that the stress of securing a new home has made them ill, a survey by Aldermore has found.
According to the bank’s research, first-time homeowners are feeling increasingly stressed with more strain on their personal relationships going through the home buying process than 12 months ago.
Almost half (47 per cent) say they had to rebuild their lives due to the compromises made, compared to 40 per cent in 2017.
Over half (52 per cent) say they were made ill by the stresses of the process, up from just over a third in 2017.
Nearly half of those surveyed had had to deal with a property purchase falling through, while 34 per cent blamed home buying stresses for causing problems in their relationships.
Meanwhile, 43 per cent had to give up being self-employed due to the difficulties of securing a mortgage. This compares to 32 per cent in 2017.
Aldermore director of mortgages Damian Thompson says: “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.”
Anxiety UK chief executive Nicky Lidbetter says: “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.”
Source: Mortgage Strategy