FTBs are risking their health to own a home

According to new research, careers, relationships and even health are being pushed further down the list of priorities for first-time buyers who are desperate to reach the first rung of the housing ladder.

Related topics:  Property
Warren Lewis
14th August 2018
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"It is concerning how negatively the house buying process is impacting health, personal relationships and careers."

Almost half (47%) admitted that they have had to rebuild their lives due to the compromises made to buy a home.

The new data from Aldermore shows that 52% of respondents were made ill by the stresses of the process.This is a significant increase against last years figures 35%.

With 48% of first-time buyers having a property fall through, it is understandable that the stress of buying a first home is also impacting relationships. In 2017, just over a third (34%) of recent first-time buyers cited that the buying process caused issues in their relationships, and this has increased to 46% in 2018.

43% of recent first-time buyers said they gave up being self-employed due to the difficulties of securing a mortgage, compared to 32% in 2017.

Despite the sacrifices first-time buyers have to make, 72% believe the stress was worth it in the end, compared to just over a half (53%) in 2017. In addition, over eight in 10 (84%) found the experience empowering.

Although concerns were raised about the impact the house buying process was having on personal relationships, 72% believe buying a home with their partner has actually brought them closer together. This is a significant increase from 55% in 2017.

Damian Thompson, director of mortgages at Aldermore, said: “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.

Becoming a homeowner can be a very satisfying and rewarding experience. It is reassuring to see so many first time buyers express a sense of empowerment that has made navigating the pitfalls of the house buying process worth it."

Nicky Lidbetter, CEO of Anxiety UK, added: “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.”

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