Many first time buyers regret sacrifices made to get on housing ladder
One in 10 first time buyers in the UK regret purchasing their first home because they feel afterwards that the sacrifices outweighed the benefits, new research has found.
That first step onto the housing ladder leaves new home owners feeling that they have been forced to move away from family, the best schools and compromise their quality of life.
Some 40% said they had to move away from family to be able to afford a home, 31% moved away from friends, 28% moved further away from work while 25% said it meant have fewer bedrooms and 15% sacrificed their gardens.
According to the research from comparison website money.co.uk many new home owners ended up compromising their personal wellbeing and mental health in order to fulfil their dream of owning a home.
Moving away from family and friends was the biggest regret for first time buyers with 25% saying they have increased levels of stress, 19% more anxiety and even 8% saying that they suffered from depression.
The research found that on average the survey respondents had to move 37 miles away from their family. In a similar vein, 26% of those who left their friends behind now feel lonely and isolated and 28% have struggled to make new friends.
Other issues that emerged including moving to an area with a higher crime rate which 14% found they had done. Of these 18% have experienced a burglary since they moved in and a further 19% said they have personally been a victim of crime. Insurance premiums have also taken a hit due to the move with 30% claiming their home insurance has gone up and 28% that their car insurance increased compared to the amount they paid in their previous home.
Up to 29% increased their commute to work in order to buy a home, adding up to six hours per week to their journey which amounts to 35 extra working days in a year. As a result of the longer commute some 26% reported increased levels of stress. An additional 13% had to compromise and cut the length of their working day in order to cope with the travel. Almost a fifth felt the extra time travelling had compromised their quality of life.
Four out of 10 new home owners admit they moved to areas with fewer good schools and 34% believe that they will have to move home again when they start applying for schools. Half of those that did not move near the best schools claim they had to falsify their address in order to get their children into a good school.
According to Hannah Maundrell, editor in chief at money.co.uk, getting on the property ladder requires more and more sacrifice as prices increase and it has become a case of buying where you can afford.