Buying a home is “one of life’s most stressful experiences” say 90% of property owners, according to a poll by Smoove.  

The biggest anxieties among home movers are the length of time required to complete the process, say 40%, the lack of certainty, 34%, and the wait for exchange and completion dates to be finalised, 33%, says the property platform’s Home Movers Report.  

It points out that the average waiting time between instruction and completion is over five months, or 153 days, while 34% of property transactions fell through in the year to last July.  

The report finds that 65% of movers said that moving home was more expensive than they had expected.   

Aside from the deposit, stamp duty, and estate agency fees, some of the biggest costs are solicitor fees, say 46% of movers, buying new furniture, 44%, and mortgage product fees, 32%.   

When funding a move, 64% of people use their savings, while 36% rely on equity raised from selling their current property, and 20% turn to relatives.  

The number of people dependent on financial support from their parents to buy their home jumps among first-time buyers to 37%, according to additional research from data group YouGov.  

The Smoove report adds that as a result of the stress associated with moving home, 55% of homeowners say they are unlikely to move again within the next five years.   

The study says: “This indicates that the process in its current form deters people from moving frequently, potentially leading them to stay in homes that are unsuitable for them in later life as they begin to consider downsizing.  

“The stress experienced by home movers is particularly relevant during the Christmas period and early new year when many people decide to begin searching for a new home.”  

In 2021, Rightmove reported its busiest ever ‘boxing day boom’, with the number of new sellers coming to market up by 21% compared to 2020 and reaching the highest levels recorded by the property website.   

Rightmove’s latest House Price Index also posted a 4% increase in the number of home enquiries in December 2022 compared to the same period in 2019, and an 11% jump in the number of views of homes for sale relative to 2021.  

Smoove points out that market activity during January has also been increasing in recent years, with real estate firm Zoopla reporting a 49% increase in demand in January 2022, its biggest new year bounce for five years.  

Smoove chief commercial and growth officer Simon McCulloch says: “The lack of transparency, complicated paperwork, vague timings, and unpredictable costs create a highly stressful experience for people looking to buy a home.   

“The complexity and inefficiency of the current system have rightly put many off moving again, which has served to obstruct mobility and impede market dynamism.   

“The shortcomings of the moving process are particularly apparent during the Christmas and new year period when many people start to think about moving home or buying again.  

“It is critical that we strive to foster greater certainty and efficiency throughout the home moving process by encouraging the adoption of digital technology across the industry.”  

Smoove poll was carried out by data firm Censuswide, who contacted 1,000 homeowners aged 25 and over between 14 April and 19 April last year, who had moved in the last six to 24 months.  

The study also made use of local authority search times data sourced from Conveyancing Data Services. New instructions, mortgage values, associated home moving costs and completion times were sourced from Smoove data.