Property regrets for 1 in 5 claims report

Property regrets for 1 in 5 claims report

Not saving enough, getting into debt and being unable to earn more are the biggest financial mistakes people make suggests new research. However, one in five regret choices around property.

Specialist Insurer - Partnership – asked 2,000 people what they felt their biggest financial mistakes were and while 5% said they had not made any mistakes, the vast majority of people wished they had made different choices.   Up to 23% highlighted choices around property as ones that they feel they had not made wisely.

Indeed, 9% said they regretted putting money into an investment (including property) which did not perform as they had expected and 7% said that delaying buying a house was their biggest mistake.  Others felt that purchasing a property that was not ‘good value’ (5%) and delaying remortgaging (2%) were choices they wished that they could make again.


Biggest Financial Mistakes Linked to Property

All

18 - 39

40 plus

I put money into an investment (inc. property) that did not perform

9%

5%

12%

I delayed buying a house

7%

6%

7%

I bought a property which was not 'good value'

5%

6%

4%

I did not re-mortgage when I should have

2%

2%

2%

 

In addition, one in 10 regrets getting married and subsequently divorced.  This is often a situation which means that the family home needs to be sold so the number of people who are unhappy about choices that they have made around property may well be far higher.

Mark Stopard, Head of Product Development, Partnership said “Up to one in five regret choices that they have made around property which is understandable as for most people buying a home will be the single largest purchase decision they will make in their lives.  However, when you look at what these mistakes were, some of them could have been avoided if they spoke to a mortgage broker.

A good broker would not only highlight when the best time to remortgage is but also warn people about overextending themselves and putting choices on hold – problems which could well be the root causes of some of these regrets.”

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Latest Comments

AbbieP.
AbbieP. 22 Jul 2016

"While house prices in the most expensive eleven boroughs have declined values in the cheapest eleven boroughs continue to rise" - not a nice way to even out the price range. London is overrated as it

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AbbieP.
AbbieP. 21 Jul 2016

And try to profit from your decisions, I may add

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CommercialTrust
CommercialTrust 19 Jul 2016

Retirement investment has always been one of the biggest draws of buy to let. And the buy-to-let demographic is, on balance, older. (Over a third of our applicants are over 50 at the time of application.) It...

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Forrest Wheatey
Forrest Wheatey 11 Jul 2016

I find the time perfect for ever home-owner wannabe. Prices should slowly, but steadily drop, at least for the inner buyer. Making it harder for outsiders to buy properties (the whole Brexit thing means...

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property guru
property guru 11 Jul 2016

Why should Ajay even have to be looking for it. It should be public knowledge. Why is not just publish each years and to were it is and be AUDITED. Accountability.

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property guru
property guru 11 Jul 2016

Surprise suprise

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CommercialTrust
CommercialTrust 30 Jun 2016

This is great news for buyers and investors in a period of significant uncertainty. The 10-year buy-to-let fix at 3.99% in particular is excellent, a clear 100 bps ahead of the nearest competition. Though...

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Lee
Lee 30 Jun 2016

Let's see what happens to north-east property prices when Nissan announce they're leaving.

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DmitriKara
DmitriKara 29 Jun 2016

I just read another article about eviction rising and this was exactly what was on my mind, Housing has become "cat and mouse"...

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DmitriKara
DmitriKara 29 Jun 2016

I am really not surprised. I've seen one too many impudent tenants and in my humble opinion renters have one too many privileges and options to abuse heir landlord in so many ways...

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DmitriKara
DmitriKara 29 Jun 2016

There is still so much uncertainty and I will surely step back and see what's happening before I could make any decisions on my end.

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ChristinaReedUK
ChristinaReedUK 20 Jun 2016

I don't understand why it's always a war between the two sides. Either, way the landlord is probably keeping a detailed inventory and will see the changes you've made. I just don't understand why there...

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