3 days ago
More than a third of homeowners ‘have regrets about their property'
More than a third (37%) of homeowners regret aspects of the home they bought, or would make different decisions if buying again, a survey indicates.
Among younger adults, nearly two-thirds (63%) of homeowners aged 34 and under expressed regrets about their property purchase.
This compared with just under half (48%) of those aged 35 to 54 and just over a fifth (22%) of homeowners aged 55-plus.
Regrets included underestimating the full costs of buying or renovating, dissatisfaction with the location, and having to make compromises on indoor or outdoor space.
London homeowners were particularly likely to have regrets about their property purchase, with just over half (51%) saying they would now make different choices.
Paula Higgins, chief executive of HomeOwners Alliance, which commissioned the research, said: '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.
'Younger buyers, in particular, are being hit hardest by the realities of the market: high prices, hidden costs, and the pressure to compromise.
'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.'
Ms Higgins added: 'It's worth remembering that even with these regrets, owning a home brings long-term stability and financial security.
'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.'
The research was carried out for HomeOwners Alliance in April by Opinium, surveying more than 1,200 homeowners across the UK.
