Owners risk living in unsuitable homes due to stress of moving - warning

Homebuyers have highlighted the most stressful aspects of a property purchase, and agents appear to be off the hook.

Analysis by conveyancing software tools provider Smoove has highlighted, perhaps unsurprisingly, that nine in 10 people find the process of moving home stressful.

For home movers, the length of time required to complete the process (40%), the lack of certainty (34%), and the wait for exchange and completion dates to be finalised (33%) are some of the main sources of anxiety. 

Its poll of more than 1,000 homeowners found two thirds said moving home had been more expensive than they had expected.

The largest costs included solicitor fees (46%), buying new furniture (44%), and mortgage product fees (32%).

When funding a move, 64% used savings, 36% relied on equity raised from selling their current property, while one-fifth turned to the Bank of Mum and Dad.

As a result of the stress associated with moving home, 55% of homeowners reported they were unlikely to move again within the next five years. 

This indicates that the process in its current form deters people from moving frequently, potentially leading them to stay in homes that are unsuitable for them in later life as they begin to consider downsizing, Smoove said.

Simon McCulloch, chief commercial and growth officer for Smoove, said: “The lack of transparency, complicated paperwork, vague timings, and unpredictable costs create a highly stressful experience for people looking to buy a home.

“The complexity and inefficiency of the current system has rightly put many off moving again, which has served to obstruct mobility and impede market dynamism. The shortcomings of the moving process are particularly apparent during the Christmas and new year period, when many people start to think about moving home or buying again.

“It is critical that we strive to foster greater certainty and efficiency throughout the home moving process by encouraging the adoption of digital technology across the industry. 

“By enabling people to engage with the transaction process online, providing digital IDs, signatures, and form filling, and digitising parts of the conveyancing process, we can modernise the industry and begin to eliminate the stress of moving home.”