Buyer's remorse. It's something we've all experienced, no matter how how big or small the purchase. And now, according to new research, this wave of spending regret is hitting homeowners the length and breadth of the country. More surprisingly, it's setting in less than 12 months after they've picked up the keys to their new property.
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A survey conducted by leading windows furnishing company Thomas Sanderson found that 34 per cent were already on the hunt for a new abode within a year of buying their new home. For 7 per cent of the 2,457 Brits questioned, the search for a new place started within a month of moving into their home. We're not even sure they had time to unpack everything!
Further figures showed that 20 per cent of those surveyed said they were moderately unhappy with their current living arrangements. Another 13 per cent said they were very unhappy. Oh dear! So what are the reasons behind this property regret? Delving deeper into the research, it appears there are a number of reasons for homeowners wanting to start their property journey afresh.
Top of the list is wanting to live in a different location (24 per cent). This was followed by struggling to keep up with mortgage payments (23 per cent) and disliking their neighbourhood (18 per cent).
More than half (54 per cent) of survey respondents also revealed that several factors had prevented them from snapping up their dream home, rather than the home they currently owned. Topping the list was not being able to afford it (41 per cent), followed by the property being too far from home (21 per cent). Being outbid on a property came in third (16 per cent).
Commenting on the results of the study, Richard Petrie, Marketing Director Thomas Sanderson says: 'The housing market is a volatile beast, and the fear of missing out on a good house or deal can cause people to rush into buying a property. It’s understandable to be nosy about what else you could have afforded for the same price that you paid for your property, but interesting that Britons are looking to move house so quickly after buying.'
Offering some words of advice for new buyers with itchy feet he added: 'Take your time when looking for a house and ensure that is 100% right for you before you put down a deposit and go through the process of buying – it’s an expensive process to find out you don’t like the home you’ve purchased, and one that’s not easy or cheap to rectify.'
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