A third of Brits unhappy with new home

Thursday, 20, Sep 2007 08:41

Almost a third of homebuyers are disappointed with their purchase once they have moved, a study reveals today.

Despite being the single biggest purchase most people ever make, 29 per cent of new occupants are left cold by their home, according to research from AA Home Insurance.

A further 13 per cent feel they did not get everything they wanted with their new purchase and eight per cent claim to be less happy in their new property than they expected.

One key issue was over noisy neighbours, raising concerns for 17 per cent of new buyers.

Problems during the buying stage were identified as one of the major stumbling blocks.

As many as 29 per cent of buyers said they found the buying process difficult, expressing fear or a lack of knowledge when buying their property.

Concern over being ripped off by estate agents affected a further seven per cent of homebuyers, whereas 11 per cent were worried there may be hidden faults lurking in their properties.

As a result almost half of the population, 42 per cent, said they would rather continue to rent property than move into the property market.

The research also finds buying a house was the most stressful prospect for 18 to 24 year olds, ahead of getting married or starting their own business.

"For most people, buying a home will be the most important purchase they make in their lifetime, so it's really important to get it right and make sure you have no regrets once the contract is signed," commented Janet Pell, head of AA Home Insurance.

"And once you've found your dream home, make sure you shop around for the best deal on your mortgage, surveys and home insurance."