A survey from HomeOwners Alliance suggests that more than a third of UK homeowners regret buying their home – rising to two thirds of younger buyers.
Of the 2,000 UK adults surveyed by the organisation, 37% said they regret aspects of the home they bought or would make a different decision if given the opportunity to buy again. But 63% of respondents aged between 18 and 34 said they had regrets about their property purchase.
The top regret for younger buyers was underestimating costs: 29% said they hadn’t budgeted for the full costs of buying or renovating. More than a quarter (27%) were unhappy with the location of the property they bought and 17% weren’t happy with either the size, number of bedrooms or amount of outdoor space.
New builds were also a source of regret for young homeowners, with 10% of those who purchased a newly built property wishing they hadn’t.
Homeowners in London were more likely to have buyer’s remorse, with 51% saying they would make different choices given the chance. Londoners were also significantly more likely to regret buying leasehold homes than those in the UK as a whole, with 10% of capital-dwellers regretting their choice compared to 4% nationally.
HomeOwners Alliance CEO Paula Higgins said of the research:
“Buying a home is one of the most significant and emotional decisions people make – and our research shows many are left feeling they got it wrong. Younger buyers, in particular, are being hit hardest by the realities of the market: high prices, hidden costs, and the pressure to compromise.
“In London, these challenges are even more acute. Sky-high property prices mean buyers are often stretching their budgets to the limit and compromising to get on the ladder. Add to that the pressure of fast-moving deals and a competitive market, and it’s no wonder that Londoners are more likely to feel they made the wrong decision.”
On regrets and whether buying a home is really worth it, Higgins added:
“It’s worth remembering that even with these regrets, owning a home brings long-term stability and financial security. You’re building equity, not paying someone else’s mortgage, and you have a roof over your head that you can call your own.
“Most homeowners adapt and grow into their homes – they decorate, renovate, build equity, and make the space work for them. With time, a house becomes more than a transaction; it becomes a home.
“Of course, for some homeowners – particularly leaseholders facing unaffordable ground rents, new build homeowners struggling to get problems fixed or facing un-adopted estate charges, or those trapped by the fallout of the cladding scandal – the sense of regret goes deeper.
“These are real injustices that leave people feeling trapped. At HomeOwners Alliance, we continue to press the government and campaign for fairness in housing and give a voice to those let down by a broken system.”
