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

Oliver Conway
Oliver Conway 18 May 2017

Making a neat inventory is a good idea, but if the seller is not willing to provide it, can the buyer demand it?

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Bertrand
Bertrand 17 May 2017

First step to nationalisation of the private rented sector IMHO. Nanny state poking their noses into things yet again. I object, as a decent landlord, sometimes having to deal with some pretty awful tenants,...

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Izzy
Izzy 16 May 2017

This is such a great a post. I love the detail you've gone into. It's a very useful article for helping those who are looking at deciding which sector they would like to go into! When I first started investing...

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paul burnham
paul burnham 30 Apr 2017

Jeremy Corbyn's pledge that a Labour government would build 500,000 new council houses must electrify the general election campaign. Reliance on markets and the profit motive has brought huge housing-related...

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CommercialTrust
CommercialTrust 28 Apr 2017

Sadiq Khan?s announcement of an online database of landlords and letting agents who have been convicted of housing offences, appears on face value to be a variation of the already implemented Database

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warren
warren 26 Apr 2017

You're very welcome Mary! Glad you enjoyed them :)

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Mary Ward
Mary Ward 26 Apr 2017

Thank you for the wonderful ideas. First impressions can make or break a deal. It's sadly that many homeowners drop the kerb to create an off-street parking space.

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Tony Gimple
Tony Gimple 14 Apr 2017

I'm not at all surprised that so many landlords are still confused about what the tax changes really mean and how it will affect them. In particular, the blind rush to incorporation is leaving landlords...

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MH
MH 13 Apr 2017

You are right that the bank holidays are going to be spoiled in looking for the properties. But people who want to sell their property and looking for the better relocation, they can get benefits of this...

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bnellyb
bnellyb 08 Apr 2017

There will be an exodus of private landlords over the next 5 years as tax changes take effect, private landlords provide an important service to the rental market, why do housing associations and councils...

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Fred Cassman
Fred Cassman 07 Apr 2017

"Make it look like you are at home": often people forget this and share on facebook their location!

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jared townsend
jared townsend 05 Apr 2017

It'll be interesting to see how & if the Government's asset sale regarding mortgages helps

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