Third of first time buyers say stress of buying made them ill
PUBLISHED: 17:00 12 May 2017
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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.”