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First-time buyer pressure causes health and relationship issues

Written by: Paloma Kubiak
The process of buying a first property causes so much stress that it’s made a third of people ill and another third experience issues in their relationship.

First-time buyers in the current housing market are facing the stress and pressures of the process, leading to a quarter delaying the move by more than two years.

According to Aldermore’s First-time buyer index, nearly one in five (17%) recent homebuyers made three or more attempts to buy their home, while 40% said they felt like they had to rebuild their lives owing to the compromises they had made to get onto the property ladder.

The most common hurdle faced by first-time buyers was raising a deposit (18%), with one in five having to wait between six and 10 years to save enough money. In order to build up a deposit, 37% said they had cut back on taking holidays and eating out.

Another big obstacle faced was securing a mortgage for one in 10 first-time buyers, and 10% also said they found the whole process as the “biggest problem”. A further 8% reported the length of the buying process as an issue.

As a result a third of recent homebuyers said they wanted something done about rising house prices, while 34% said they would like to see the buying process made simpler. Three in 10 also believed that better mortgage products need to be available to improve the plight of first-time buyers.

However, overall, the positives of the process outweighed the negatives as Aldermore found that 73% said they had reached adulthood after owning their first home, while 75% feel they are no longer wasting money on rent, with 70% believe owning their property gives them financial control.

Sacrifices made impact health and relationships

Charles McDowell, commercial director, mortgages, at Aldermore, said: “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.

“The affordability ratio has doubled since 1997, demand is currently outmatching supply, and these difficulties are directly impacting first-time buyers’ well-being. 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.”

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