As you would probably expect, the main concern for buyers and sellers is price. 40% of sellers surveyed stated that getting the best price for their property was their primary concern. An equal percentage listing house prices as a major deterrent to buying.
Those approaching retirement are most concerned about securing a good sale price, with 40% of over 50s listing getting a good price as their primary fear.
In contrast, when looking to buy, 18-24s were the most fearful of the price they would have to pay for their property.
With London property costing double the national average, over 40% of people living in the capital feared property price tags, however Norwich was the surprise top of the bunch with over half of buyers surveyed worried about price.
Southampton buyers fear searching for a new property most, with 42% of them stating that finding their next dream home was a concern.
Stamp duty worries came a close second at 38%, with only Londoners raising higher concerns. Liverpudlians were least worried about the cost of stamp duty and with Liverpool property prices well below the national average, only 4% listed it as a fear factor.
Prior to George Osborne's Autumn Statement, 22% of buyers with a budget of up to £200,000 listed Stamp Duty costs as a concern, rising to 38% for those with a budget over £500,000.
Despite interest rates remaining at historic lows and with a rise inevitable, only 19% of buyers considered this something to fear when looking to purchase a property. The majority of these were under the age of 44, most likely as a result of larger mortgages and less equity in comparison to the older property buyers.
Estate agency costs were the third biggest fear for sellers (27%), with the fear of hefty estate agent fees most prevalent across those aged 35 and above with previous selling experience.
The commitment of a mortgage adds to an already daunting process and finding the right one is a concern more so for younger buyers. 29% of those aged 18-24 feared the availability of mortgages when looking to buy a property, the highest of all the age brackets surveyed.
16% of those aged 25-34 also feared finding the right mortgage, despite the growing popularity of the Help to Buy scheme.
With increasing mortgage terms and pension reforms approaching, over a quarter of 35-44 year olds feared the availability of mortgages when buying, second only to those in the lowest age bracket of 18-24. They also lead the way with fears over mortgage fees with 17% of 35-44 year olds worried about the cost involved.
Russell Quirk, founder and CEO of eMoov.co.uk, said:
"Buying or selling a property can be scary business for some. It can be a minefield of problems from start to finish and it’s no surprise it strikes fear into the hearts of those involved. It won’t come as a shock to anyone that house prices top the survey, they are what drive the market and unfortunately for the majority dictate the options open to them.
"It comes down to the age old game of cat and mouse, buyers worry about finding the lowest price, sellers are fearful about selling under value.
It is interesting to see just 6% of people worry themselves silly over which estate agent they are going to use but 27% are put off by the actual cost of estate agency fees. This reflects a significant change in consumer behaviour over recent years and the importance put on ensuring value from an estate agent, something that the mainstream, high street agent simply does not provide."
