These first time buyers have been forced to move further away from family (40%), friends (31%) and work (28%) right through to losing bedrooms (25%) and their gardens (15%). As a result, many of these new home owners compromised their personal wellbeing and mental health in order to become a home owner.
New research amongst 750 first time buyers from comparison website money.co.uk investigates the aftermath of these sacrifices. Moving away from family and friends has been cited as the biggest regret for first time buyers. These movers claim they now experience increased levels of stress (25%), anxiety (19%) and depression (8%). On average, these buyers had to move an average of 37 miles away from their family. In a similar vein, 26% of those who left their friends behind now feel lonely and isolated and 28% have struggled to make new friends.
One in seven (14%) first time buyers moved to a higher crime rate area because it was more affordable. Sadly, one in five of these (18%) have experienced a burglary since they moved in and a further (19%) has personally been a victim of crime. Insurance premiums have also taken a hit due to the move, 30% claim their home insurance has gone up and 28% their car insurance compared to the amount they paid in their previous home.
Up to 29% increased their commute to work in order to buy a home, adding up to six hours per week to their journey - over the course of a year that’s 35 extra working days. As a result of the longer commute, more than a quarter (26%) reported increased levels of stress. An additional 13% had to compromise and cut the length of their working day in order to cope with the travel. Almost a fifth feel the extra time travelling has compromised their quality of life.
Four out of ten new home owners admit they moved to areas with fewer good schools. This could be costly in the long run with over a third (34%) claiming they will have to move home again when they start applying for schools. More alarmingly, half of those that did not move near the best schools claim they had to falsify their address in order to get their children into a good school. One in ten children had to move away from their existing school and their friends.
Hannah Maundrell, Editor in Chief at money.co.uk commented: “Getting a foot on the property ladder requires more and more sacrifice as prices increase. We no longer have the luxury of thinking ‘location, location, location’, the harsh reality is, it’s a case of buying where you can afford.
“Whilst it’s a great idea to compromise, you really need to think about how things like a longer commute and living in a higher risk crime area play out in reality. Quality of life and personal wellbeing are a big priority that shouldn’t be overlooked. Consider all options to help you get the right place for you, such as the government schemes which are designed to help you afford your first home.”
