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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.

Screen Shot 2013-07-15 at 11.46.53See our infographic now for First Time Buyer Stresses

 

 

Key findings:

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.”  

Methodology:

Total sample size was 2056 adults. Homeowners sample size: 1393. Aspiring homeowners sample size: 442. Data weighted and representative of all UK adults (aged 18+). Fieldwork was undertaken between 18th-21st January 2013

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