Who do you trust? The stresses of buying and owning a home
Buying your first home is one of life’s biggest stresses. This YouGov survey, commissioned by the HomeOwners Alliance, reveals what homebuyers and homeowners are worried about and gives insight into which property professionals they trust.
July 15, 2013
See our infographic now for First Time Buyer Stresses
The key findings of the YouGov survey are:
- Among homeowners, the top 5 most stressful aspects of homebuying are finding the right home (41%), hidden costs such as stamp duty and survey (37%), the conveyancing process (37%), completion (36%) and securing a mortgage (26%). For homeowners, issues around the property chain are also raised.
- Affordability is paramount for aspiring owners. Top stresses for aspiring owners are securing a mortgage (68%), hidden costs (66%), finding the right home (46%), paying the right price (39%) and the conveyancing process (35%). In addition, saving for a deposit, getting on the property ladder, house prices and repaying the mortgage are of concern.
- Homebuying stresses vary by demographic group. Women are more concerned about being gazumped. Younger adults (under 45s) are more worried about securing a mortgage. (see notes to editor 4 & 5)
- Ongoing maintenance, finding honest tradesmen and ongoing bills are top homeownership stresses among homeowners and those who aspire to own. Women are more concerned than men about DIY/ongoing maintenance and finding honest tradesmen. (see notes to editor 6)
- Trust of professions related to buying our homes is generally low. Aspiring homeowners trust surveyors (62%) and solicitors (52%) more than banks/mortgage lenders (35%) and estate agents (20%). Surveyors (59%) and banks/mortgage lenders (61%) gain a little more trust amongst homeowners, while their view of estate agents (20%) and solicitors (61%) remain the same.
- Trust of professions related to owning our homes is lowest for builders (34% of homeowners; 35% of aspiring homeowners), utility companies (29%:38%) and home insurance providers (38%:35%). Architects are trusted the most (60% among homeowners; 65% among aspiring homeowners).
Our report, Homeowner & Aspiring First Time Buyer Stresses & Trust, uncovers the areas of most stress related to buying and owning homes. Our infographic, Your first time (and below) highlights what stresses aspiring first time buyers expect to come across on their path to homeownership.
Paula Higgins, Chief Executive of the HomeOwners Alliance said:
‘’Homeownership remains the dream for many but things aren’t always helped by the professionals. There are trustworthy and conscientious people out there who want to help you look after your home but a few rotten apples can spoil it for everyone. Homeowners and aspiring homeowners need to take control of the situation – your home is one of your biggest investments so research and seek out independent advice about professionals before signing on the dotted line.”
Notes to editor
- Our report Homeowner & First Time Buyer Stresses & Trust was drawn from HomeOwners Alliance survey via UK YouGov online panel.
– Data weighted and representative of all UK adults (aged 18+)
– Total sample size was 2056 adults
- Homeowners sample size: 1393
- Aspiring homeowners sample size: 442
– Fieldwork was undertaken between 18th-21st January 2013
- Research issues include:
– Incidence of homeownership/aspiring ownership (pages 4-7 of report)
- Profile of homeowners and aspiring homeowners (pages 8-14)
– Stress points of homebuying and homeownership experiences (pages 15-19)
– Trust of professional services related to homebuying/owning (pages 20 – 23)
- Specific questions asked included:
– Which 5 aspects of homebuying and homeowning do you find or expect to find the most stressful?
– In general, do you trust the advice/services of each of the following professions (estate agents, banks/mortgage lenders, surveyors, solicitors, architects, electricians, local authority/council, plumbers, home insurance providers, builders and insurance companies?
- 4. Women are more concerned about: being gazumped (one of the top 5 stressful homebuying aspects).
– Among non homeowners (41% of women vs 35% of men)
– Among homeowners (23% of women vs 18% of men)
- Younger adults (under 45s) more concerned about: securing a mortgage (one of top 5 stressful homebuying aspects)
– Among non homeowners (68% of under 45s vs 59% of age 45+)
– Among homeowners (32% of under 45s vs 23% of age 45+)
- Women more concerned about: DIY/ongoing maintenance and finding honest tradesmen (two of top 5 homeownership stresses)
– DIY/ongoing maintenance: Among non homeowners (49% of women vs 39% of men); Among homeowners (51% of women vs 41% of men)
– Finding honest tradesmen: Among non homeowners (47% of women vs 40% of men); Among homeowners (47% of women vs 42% of men)
About the HomeOwners Alliance
The HomeOwners Alliance champions the interests of Britain’s homeowners and aspiring homeowners, and provides services they can trust. We are a member-led organisation, acting as the voice of the homeowner in the media, lobbying for the interests of homeowners and aspiring homeowners in government, and campaigning against bad practices in industry.
We directly engage with government and the media by conducting independent research and publishing reports that promote and champion the interests of homeowners. Former Housing Minister, Grant Shapps, called the HomeOwners Alliance “good news for homeowners and homeownership”. Sunday Times wrote: “with the launch of the HomeOwners Alliance, British property owners finally have an ally”.
At hoa.org.uk, we provide independent advice for the key moments in owning a home, supported by legal and industry experts. Get our free newsletter with a market-wide review of house prices and all the latest tips on buying, selling, improving and managing homes. On our website you can find free independent guides, checklists and top tips.
For a more personalised service, our members can put their questions to our panel of experts and get a response within 48 hours, can get tailored advice on our Home HelpLine and have access to our Legal HelpLine.