Home moving named ‘most stressful’ life event

Moving home has been identified as the most stressful life event, with buyers and sellers citing waiting to exchange as the biggest bugbear.

New research from Legal & General Retail reveals the average Brit moves four times in their life – and its poll of more than 1,000 homebuyers found it is seen as the most stressful thing you can do, even more so than having a child getting divorced.

More than half or 58% of survey respondents said they paid over budget for their most recent property and in retrospect 33% wished they’d saved more before committing.

Other reasons for stress included not having enough money to cover unexpected or hidden expenses while 37% just said they hate packing and unboxing.

A third of respondents each said waiting to exchange contracts and finding a new property were the most difficult aspects of buying.

Asked why they moved, 42% of respondents cited needing more space, while 26% said they moved for a change of scenery or lifestyle.

Almost half of respondents said they experienced increased stress levels because of moving. 

While getting the keys to a new place should be exciting, 41% of adults experienced anxiety, 31% sleep deprivation and 25% argued with their partner.

One key stress inducing factor was time, with 46% of home buyers having to wait between three and five months to complete their move.

A quarter also found that calculating the upfront costs was the most difficult aspect of the homebuying process, while 21% cited raising a deposit as their biggest struggle.

Despite all challenges, a resounding 84% of adults polled said they would still consider moving again in the future. 

A third of respondents said they would want to understand the complexity of buying a property more thoroughly the next time they move, while others would ensure they put more money aside.

Paula Llewellyn, chief marketing officer for Legal & General Retail, said: “There’s no shortage of households considering moving across the UK- but it’s clear it’s still an incredibly stressful life event, especially due to the financial strain of the process.”