Who do homeowners trust? The stresses of buying and owning a home

Buying your first home is one of life’s biggest stresses.  The YouGov survey, commissioned by the HomeOwners Alliance, reveals what homebuyers and homeowners are worried about and gives insight into which property professionals they trust.

The key findings are:

•       Among homeowners, the top 5 most stressful aspects of homebuying are finding the right home (41%), hidden costs such as stamp duty and survey (37%), the conveyancing process (37%), completion (36%) and securing a mortgage (26%).  For homeowners, issues around the property chain are also raised.

•       Affordability is paramount for aspiring owners.  Top stresses for aspiring owners are securing a mortgage (68%), hidden costs (66%), finding the right home (46%), paying the right price (39%) and the conveyancing process (35%). In addition, saving for a deposit, getting on the property ladder, house prices and repaying the mortgage are of concern.

•       Homebuying stresses vary by demographic group. Women are more concerned about being gazumped.  Younger adults (under 45s) are more worried about securing a mortgage. (see notes to editor 4 & 5)

•       Ongoing maintenance, finding honest tradesmen and ongoing bills are top homeownership stresses among homeowners and those who aspire to own. Women are more concerned than men about DIY/ongoing maintenance and finding honest tradesmen.  (see notes to editor 6)

•       Trust of professions related to buying our homes is generally low. Aspiring homeowners trust surveyors (62%) and solicitors (52%) more than banks/mortgage lenders (35%) and estate agents (20%). Surveyors (59%) and banks/mortgage lenders (61%) gain a little more trust amongst homeowners, while their view of estate agents (20%) and solicitors (61%) remain the same.

•       Trust of professions related to owning our homes is lowest for builders (34% of homeowners; 35% of aspiring homeowners), utility companies (29%:38%) and home insurance providers (38%:35%). Architects are trusted the most (60% among homeowners; 65% among aspiring homeowners).

Paula Higgins, Chief Executive of the HomeOwners Alliance said:

 ‘’Homeownership remains the dream for many but things aren’t always helped by the professionals. There are trustworthy and conscientious people out there who want to help you look after your home but a few rotten apples can spoil it for everyone. Homeowners and aspiring homeowners need to take control of the situation – your home is one of your biggest investments so research and seek out independent advice about professionals before signing on the dotted line.”