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One in three Britons regret buying their homes

Friday 01 December 2017

The condition of a property, a great deal and local amenities are among the top factors that convince Britons to purchase their dream homes - but noisy neighbours, unexpected issues and even heavy traffic are enough to ruin the housebuying dream.

After realising that their dream home isn’t everything they initially thought it might be, according to the latest report, one third of property owners have considered selling up - with five per cent having already begun the proceedings.

Conducted by home interior specialist Hillarys, as part of their ongoing research into British home life, 2,470 Britons aged 18 and over were quizzed about their new home, their decision to buy and their current feelings towards the purchase. The study focussed on homeowners who had purchased and moved into their current home within the past two years.

The study found that on average, it took buyers 10 months to to find their perfect home, purchase it and move in. When asked what convinced them to buy their house, the top responses were the price of the house (27 per cent), the condition of the property (26 per cent) and the local amenities (23 per cent).

All respondents were then asked if after moving in they were still convinced that the home was right for them. A third (35 per cent) answered no and confessed that issues which arose since the purchase had made them regret buying their home. When asked how long it had taken for them to realise their home wasn’t as perfect as they’d thought, the average response was revealed as five months.

Respondents were then asked to reveal the top reasons why they regretted purchasing the home that they currently live in. Having been provided with an extensive list of reasons why and told to select all that applied, the top reasons were:

  • Noisy, disruptive neighbours - 41 per cent
  • House in a worse condition than initially realised - 36 per cent
  • Heavy traffic outside the house - 33 per cent
  • Parents parking everywhere when dropping children off at nearby schools - 24 per cent
  • Litter everywhere on the streets - 20 per cent

Of those who cited noisy neighbours as the top reason for wanting to move, when asked how they dealt with the disruptions, 73 per cent confessed to not saying anything out of fear of making the situation worse.

The research also revealed that a third of respondents (32 per cent) had considered putting their house on the market after later discovering issues with the property, whereas five per cent of respondents have already begun searching for a new home.

Tanya Irons, a spokesperson for Hillarys, commented on the findings:

"There’s nothing more exciting that finding your dream home, but then there’s nothing worse than moving into your dream home and realising it’s not as much of a dream as you had hoped. Whether your neighbours are unbearable, the house is falling down around you or the traffic outside is loud and constant – the smallest thing can make the dream come crashing down. It’s always worth being realistic – nothing’s ever perfect and you need to make the most of the situation.”