Moving home has been identified as the most stressful life event, with buyers and sellers citing waiting to exchange as the biggest bugbear.
New research from Legal & General Retail reveals the average Brit moves four times in their life – and its poll of more than 1,000 homebuyers found it is seen as the most stressful thing you can do, even more so than having a child getting divorced.
More than half or 58% of survey respondents said they paid over budget for their most recent property and in retrospect 33% wished they’d saved more before committing.
Other reasons for stress included not having enough money to cover unexpected or hidden expenses while 37% just said they hate packing and unboxing.
A third of respondents each said waiting to exchange contracts and finding a new property were the most difficult aspects of buying.
Asked why they moved, 42% of respondents cited needing more space, while 26% said they moved for a change of scenery or lifestyle.
Almost half of respondents said they experienced increased stress levels because of moving.
While getting the keys to a new place should be exciting, 41% of adults experienced anxiety, 31% sleep deprivation and 25% argued with their partner.
One key stress inducing factor was time, with 46% of home buyers having to wait between three and five months to complete their move.
A quarter also found that calculating the upfront costs was the most difficult aspect of the homebuying process, while 21% cited raising a deposit as their biggest struggle.
Despite all challenges, a resounding 84% of adults polled said they would still consider moving again in the future.
A third of respondents said they would want to understand the complexity of buying a property more thoroughly the next time they move, while others would ensure they put more money aside.
Paula Llewellyn, chief marketing officer for Legal & General Retail, said: “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.”
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