Third of first time buyers say stress of buying made them ill

PUBLISHED: 17:00 12 May 2017

Buying your first home can be bad for your health

Buying your first home can be bad for your health

This content is subject to copyright.

Buying a property for the first time is bad for your health and your relationship, new research has revealed.

According to Aldermore Bank’s quarterly First Time Buyer Index, 35 per cent say the stress of the buying process made them ill, while 34 per cent say it caused issues in their relationship.

The latest Index shows that 17 per cent of respondents took three or more attempts to buy their home, while a quarter (27 per cent) delayed buying by more than two years.

Raising a deposit is one of the main obstacles facing first time buyers - one in five (20 per cent) had to wait between six and 10 years before they’d saved enough money; 9 per cent said that securing a mortgage was their biggest difficulty.

Two fifths (40 per cent) felt they had to rebuild their life due to the compromises they had to make to get on the housing ladder.

Charles McDowell, Commercial Director, Mortgages at Aldermore, says: “Buying a first home is an empowering experience and can provide financial control, but our research shows the sacrifices being made by first time buyers to reach that first rung of the property ladder are negatively impacting their health and personal relationships.

“First time buyers are the driving force of the property market, but they are currently being priced out. More needs to be done to tackle these issues to ensure they have the best opportunity to buy their dream home.”


If you value what this story gives you, please consider supporting the Herts Advertiser. Click the link in the yellow box below for details.

Become a supporter

This newspaper has been a central part of community life for many years, through good times and bad, serving as your advocate and trusted source of local information. Our industry is facing testing times, which is why I’m asking for your support. Every single contribution will help us continue to produce award-winning local journalism that makes a measurable difference to our community.

Thank you.

Most Read

Most Read

Latest from the Herts Advertiser