With the average Brit moving four times during their life, the main driver from households to up sticks is needing more space, followed by a change of scenery and lifestyle, according to new research from Legal & General (L&G).
The survey, conducted by L&C looked at how home buyers have coped with their big move, revealed that moving has been ranked as the most stressful life event.
Almost half of the respondents (47%) experienced increased stress levels because of moving.
While getting the keys to a new place should be exciting, 41% of adults experienced anxiety, sleep deprivation (31%) and arguments with their partner (25%).
Zoopla consumer spokesperson Daniel Copley comments: “Whilst some stressors are unavoidable, buyers can run into problems based on a lack of understanding of the market and buying process and the more research and prep they can do prior to making an offer, the better equipped they will be to feel confident in the purchase process.”
One key stress-inducing factor was time, with 46% of home buyers having to wait between three and five months to complete their move.
Meanwhile, respondents named waiting to exchange contracts as the biggest bugbear with 32% citing that this is the most difficult aspect of buying a new home.
Almost a quarter (23%) found that calculating the upfront costs was the most difficult aspect of the process, while 21% cited raising a deposit as their biggest struggle.
When looking to buy a home, 40% of Brits dread not having enough money to cover unexpected or additional expenses.
Over half (58%) of Brits that had recently completed their move said that purchasing their property cost more than they had budgeted for while 53% of those spent an extra £1,001 to £2,000, and 46% spent an extra £501 to £1,000 over budget.
The survey also found that seven in 10 (70%) Londoners will most likely go over budget when buying a property, the highest of any region.
In fact, those in the Southeast of England and the West Midlands were the only regions where most people didn’t exceed their original budget.
When moving next time, 33% said they would want to understand the complexity of buying a property more thoroughly, while many said they would need to be more prepared with their finances.
A third (33%) said that they would save more money than just the deposit required, whilst 27% said they would improve their budgeting and planning for transition costs.
While costs were a source of stress across the board, money worries were keenly felt by young people. The research finds more 18 to 24-year-olds paid over budget than any other age group, so much so that 27% said they wouldn’t consider moving again in the future.
Copley says: “When it comes to getting onto the property ladder, buying your first home can seem like a daunting process. First time buyers need to work out how much they can afford and get a mortgage before deciding how much to offer on a property and if accepted, navigate the paperwork – all of which can be difficult.“
“Something that often takes people by surprise is the additional costs that are associated with moving like surveys, movers, and conveyancers. Ensure you budget correctly as this can all add up.”
Despite all challenges, a resounding 84% of adults polled said they would still consider moving again in the future.
Commenting on the research, Legal & General Retail chief marketing officer and direct managing director Paula Llewellyn says: “There’s no shortage of households considering moving across the UK- but it’s clear it’s still an incredibly stressful life event, especially due to the financial strain of the process.”
“An overwhelming 58% of homebuyers polled said their most recent property cost more than they budgeted for, while 40% were concerned about not having enough money to cover costs. Almost a third of respondents said in retrospect they’d want to understand the complexity of the process before moving. I hope our research can help support those looking to move in the future.”
