238 Property Market
Allow 3-4 months to move house says poll Opinions of homebuyers in the South East Most people move four times in their life... New poll reveals moving house is more stressful than having children or going through divorce, as 70% of respondents in the South East ranked moving house as the most stressful life event. It takes 3 - 4 months on average to move in the South East, the highest of any UK region. Life after lockdown has seen no shortage of households looking to up sticks. New research from Legal & General Retail reveals the average UK adult moves four times in their life – yet it’s still the most stressful thing you can do. Legal & General conducted a survey to discover how homebuyers coped with their move, the research investigates the most common difficulties homebuyers face and how unexpected hurdles in the homebuying process can influence decisions. Stressful side effects Homebuyers feel the pressure as 62% experienced increased stress levels. While getting the keys to a new place should be exciting, those in the South East also experienced anxiety (46%), 1 sleep deprivation (30%), and arguments (21%).
Financial pain points Homebuyers face a variety of financial worries when looking to buy a home, 47% dread not having enough for unexpected expenses and 40% found waiting to exchange contracts is the biggest struggle. These financial concerns were evident for many respondents in the South East who recently moved. 45% said purchasing their property cost more than they budgeted for. 55% of them spent an extra £1K - £2K. But buying a home in the South East may be more financially beneficial as it was 1 of 2 UK regions where majority of homebuyers didn’t pay over budget. Top actions homebuyers would do differently • Saving more than just deposit required – 40% • Improve budgeting/planning transition costs – 32% • Factor in more time for moving process – 26% • Understand complexity of buying a property more thoroughly - 33% Buying a new home is still worth it! Despite all challenges, a resounding 83% of those in the South East said they would still consider moving again in the future.
