Buying a home in the UK can be a stressful experience, with delays, unexpected costs, and mortgage issues identified as key concerns for buyers. Research involving nearly 4,000 mortgage holders found that one in 10 respondents mentioned 'waiting' as the most stressful part of their home purchase.
The average home purchase in the UK takes five months, according to Rightmove analysis. However, this can be quicker in Scotland, where buyers receive more upfront information through a Home Report and benefit from binding contracts once sale details are agreed.
Unexpected costs also contribute significantly to buyer stress. Moving home in England typically costs around £18,000, with stamp duty being the largest expense. First-time buyers generally face lower costs, averaging £2,315, partly due to stamp duty exemptions for many.
Mortgage concerns are another major stressor, with one in 10 responses highlighting the mortgage as the most stressful aspect. Average two-year fixed mortgage rates increased from 5.59% on 1 September to 5.93% on 30 September, with experts predicting further rises due to increasing energy prices.