Tenth of FTBs regret buying first home
A tenth of those who have just stepped onto the property ladder believe that the benefits of buying their first home do not outweigh the sacrifices made.
According to research from money.co.uk, four in ten first-time buyers were forced to move further away from their families when buying a home. Just under a third (31%) had to move away from friends in order to get onto the property ladder and 28% faced a longer commute, having to move further from work.
Although on the property ladder, the study found that first-time buyers had been severely impacted by the sacrifices made, both in terms of well-being and mental health.
From the 750 respondents that took part in the survey, moving away from friends and family was found to be the biggest regret. Of those that had this view, a quarter state that they now suffer from greater levels of stress, with 8% stating that they now feel more depressed. Having to move an average of 37 miles away, 28% stated that they had found it difficult to forge new friendships, with 26% feeling isolated following the move.
Being further away from work was also found to have a significant impact on first-time buyer stress levels. In order to purchase a home, around 29% of respondents had to increase the length of their daily commute – up to an extra six hours per week. Over a quarter (26%) felt that this had caused their stress levels to increase. For just under a fifth, the extra journey time was said to have compromised their quality of life.
Commenting on the research was Hannah Maundrell. The Editor in Chief at money.co.uk highlighted the conflicting issues which buyers have to consider when looking for their first home.
“Getting a foot on the property ladder requires more and more sacrifice as prices increase. We no longer have the luxury of thinking ‘location, location, location’, the harsh reality is, it’s a case of buying where you can afford.
“Whilst it’s a great idea to compromise, you really need to think about how things like a longer commute and living in a higher risk crime area play out in reality. Quality of life and personal wellbeing are a big priority that shouldn’t be overlooked. Consider all options to help you get the right place for you, such as the government schemes which are designed to help you afford your first home.”