Buyer beware? High numbers of purchasers disillusioned by process

Research by Zoopla has revealed the scale of the mistakes by and regrets for disillusioned home buyers.

For large numbers of people the purchase of a home takes longer, costs more and causes greater stress than anticipated.

Zoopla says the average property transaction takes 14 weeks to complete, with 62 per cent of movers saying they found the exercise more stressful than they had anticipated. 

This was compounded by the property chain: only 11 per cent of respondents say their experience went smoothly while a further 18 per cent say they lost or nearly lost their property purchase as a result. 

Just over a third of buyers claimed they were trying to build a personal connection with the seller of the home, in the hope that might safeguard the sale and prevent it falling through.

When it came to the financial implications of moving, nearly 40 per cent of respondents said their move went over budget. For 29 per cent of respondents, these additional costs were attributed to surveyors and conveyancers. 

Unexpected costs vary with every home move but 44 per cent of respondents say these unexpected costs exceeded £500, and 30 per cent exceeded £1,000 while 15 per cent of home movers were over budget by more than £1,500. 

In terms of specific details to check before buying a property, 46 per cent of respondents wished they had been more rigorous with their research before purchasing.

Some 16 per cent wish they had spoken to the neighbours before purchasing the property, while 15 per cent say they wish they registered broadband speeds and strength of the mobile phone signal in the area.

Perhaps surprisingly, 53 per cent of sellers say they would have sold their home for more money if they had taken the time and effort to stage it, although 31 per cent admit they didn’t have the additional budget to do so. 

The survey involved 2,600 active buyers and sellers contacted last month.