A third of Britons REGRET buying their home - here's how to make sure you don't

Daily Mail​

06-07-2025

More than a third of Britons say they have regrets about buying their home, according to new analysis by the Homeowners Alliance.
The property advice website surveyed 2,000 adults and found that 37 per cent had some form of buyer's remorse and would make different decisions if they had their time again.
It means that roughly 6.5 million homeowners may have regrets about the property they live in.
The figure rises sharply among younger homeowners aged 18 to 34, of which nearly two-thirds expressed regrets about their property purchase.
The main reasons they gave were that they picked the wrong location, or under-estimated the costs.
One in ten younger homeowners regretted buying a new build, while 17 per cent said they wished they hadn't compromised on space.
'Buying a home is one of the most significant and emotional decisions people make - and our research shows many are left feeling they got it wrong,' says Paula Higgins, chief executive of HomeOwners Alliance.
'Younger buyers, in particular, are being hit hardest by the realities of the market: high prices, hidden costs, and the pressure to compromise.
Londoners most unhappy with their homes
Homeowners in London are more likely to have regrets about their property purchase than in other areas of the UK.
More than half of London homeowners say they would now make different choices, according to the study.
One in 10 London homeowners regrets buying a leasehold property, which is more than double the UK average amounting to 4 per cent of homeowners overall.
However, London has more leasehold homes than other areas because of the proliferation of flats.
London homeowners may also have been disappointed by the lacklustre house price growth in the capital of late.
Since 2016, London house prices have risen at a rate of just 1.3 per cent a year on average compared to an inflation rate of 3.5 per cent.
Higgins added: 'In London, these challenges are even more acute.
'Sky-high property prices mean buyers are often stretching their budgets to the limit and compromising to get on the ladder.
'Add to that the pressure of fast-moving deals and a competitive market, and it's no wonder that Londoners are more likely to feel they made the wrong decision.'
Why don't they just move?
The transaction costs involved with moving home are so high that many people are hesitant to up sticks and go, even if they are unhappy.
Take the example of a family trading up from a £300,000 home to a £500,000 one.
First, on the sale they will face legal fees of around £2,500.
They will also need to pay the estate agent who sells their home fees of an average of 1.5 per cent, plus VAT. On a £300,000 sale that would work out at £5,400.
Then there are the purchase costs, including stamp duty, a survey and finally the removal firm.
Stamp duty on a £500,000 property would be £15,000, with the other costs coming to around £5,000 on average.
That means £27,900 being spent on transaction costs before repairs, renovation or new furniture is factored in.
'In the past, a lot of buyers purchased a property to live in for two to three years before upsizing to a larger home,' says Nigel Bishop of buying agency Recoco Property Search.
'This strategy has become less feasible for many due to financial and wider economic challenges that are impacting on the cost of living.'
If you're buying a home with the intention of staying for a long time, Bishop says it is crucial to choose somewhere that can adapt to your future needs.
'It's important than ever to choose a home that not only matches your current living arrangements but leaves room for future changes such as an addition to the family or a home office,' he says.
'Many house hunters consider carrying out extension works or changing the room layout,which makes it crucial to understand your chosen property's limitations.
'On the first viewing it is important to cover questions that determine if a planning permission would be granted, and which walls within the property are load-bearing and which ones could be taken down.'
However, Bishop also points out that costs for conversions and extensions have almost doubled in recent years.
'Builders are facing higher labour and building material costs which are naturally passed on to the buyer,' he added.
'We therefore advise house hunters to gather quotes from suitable builders as early as possible and leave adequate room in their budget.'
How to avoid buyer's remorse
People who make a decision too quickly without fully understanding what type of property they want or the area they wish to live in could set themselves up for regret.
'We advise buyers to take into account the property's location and access to amenities,' says buying agent Bishop.
'A remote location might sound romantic at first and remains a perfect option for some buyers, but it could present logistic challenges for others further down the line, especially if quick access to shops or services such as a hospital will be required.'
Unfortunately, there isn't a manual to help buyers make that all-important final decision.
Some buy with their head and others buy with their heart and some struggle to make the decision at all.
Perhaps as bad as buyer's remorse is decision paralysis - when someone lacks the ability to decide on something out of fear of making the wrong choice.
For those who fear buyer's remorse, preparation is key. They should explore some areas where they might want to live, contact estate agents, build relationships with them and get out on viewings.
They could write down the five or ten essential things they are looking for and try and tick them off with each house they view.
The list might include: a quiet neighbourhood, close to a train station, a good garden, a great room for entertaining, potential to extend, close to shops and restaurants, a private parking space, and a nice view.
For those that do buy a home that they later regret, there are still positives according to Higgins.
'It's worth remembering that even with these regrets, owning a home brings long-term stability and financial security,' added Higgins.
'You're building equity, not paying someone else's mortgage, and you have a roof over your head that you can call your own.
'Most homeowners adapt and grow into their homes - they decorate, renovate, build equity, and make the space work for them. With time, a house becomes more than a transaction; it becomes a home.'
How to find a new mortgage
Borrowers who need a mortgage because their current fixed rate deal is ending, or they are buying a home, should explore their options as soon as possible.
Buy-to-let landlords should also act as soon as they can.
Quick mortgage finder links with This is Money's partner L&C
> Mortgage rates calculator
> Find the right mortgage for you
What if I need to remortgage?
Borrowers should compare rates, speak to a mortgage broker and be prepared to act.
Homeowners can lock in to a new deal six to nine months in advance, often with no obligation to take it.
Most mortgage deals allow fees to be added to the loan and only be charged when it is taken out. This means borrowers can secure a rate without paying expensive arrangement fees.
Keep in mind that by doing this and not clearing the fee on completion, interest will be paid on the fee amount over the entire term of the loan, so this may not be the best option for everyone.
What if I am buying a home?
Those with home purchases agreed should also aim to secure rates as soon as possible, so they know exactly what their monthly payments will be.
Buyers should avoid overstretching and be aware that house prices may fall, as higher mortgage rates limit people's borrowing ability and buying power.
What about buy-to-let landlords
Buy-to-let landlords with interest-only mortgages will see a greater jump in monthly costs than homeowners on residential mortgages.
This makes remortgaging in plenty of time essential and our partner L&C can help with buy-to-let mortgages too.
How to compare mortgage costs
The best way to compare mortgage costs and find the right deal for you is to speak to a broker.
This is Money has a long-standing partnership with fee-free broker L&C, to provide you with fee-free expert mortgage advice.
Interested in seeing today's best mortgage rates? Use This is Money and L&Cs best mortgage rates calculator to show deals matching your home value, mortgage size, term and fixed rate needs.
If you're ready to find your next mortgage, why not use L&C's online Mortgage Finder. It will search 1,000's of deals from more than 90 different lenders to discover the best deal for you.
> Find your best mortgage deal with This is Money and L&C
Be aware that rates can change quickly, however, and so if you need a mortgage or want to compare rates, speak to L&C as soon as possible, so they can help you find the right mortgage for you.