Property

What did homeowners say was the thing that scared them the most when selling their home?

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23rd March 2016
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New research from online estate agent, eMoov.co.uk, has confirmed that as ever, it's money, stress and time constraints that remain the biggest fears for UK homeowners when selling their home.

eMoov surveyed over 1,000 UK homeowners and asked them ‘when selling a property, what are the top three things you fear the most?’

Despite UK homeowners currently enjoying a very buoyant UK property market, securing the right price still tops the list of fear factors.

55% of those asked said not getting the price they wanted or needed was their primary fear when selling, with the stress of the selling process the second biggest fear factor for 46% of homeowners.

Time constraints completed the top three fear factors, with 43% of homeowners afraid they wouldn’t be able to sell their home in the time they needed to.

Other fear factors stated by UK homeowners included paying too much in estate agent fees (36%), finding a new property to live in upon selling (22%), dealing with the buyer (14%), picking the wrong estate agent in the first place (12%), getting a mortgage for their next home (10%) and that their new property might drop in value in the future (4%).

Rank

Fear Factors

% of Sellers

1st

Not getting the price wanted or needed

55%

2nd

The stress of it all

46%

3rd

Not being able to sell in the time needed

43%

4th

Paying too much in estate agents fees

36%

5th

Finding a new property to live in

22%

6th

Dealing with the buyer

14%

7th

Picking the wrong estate agent

12%

8th

Getting a mortgage for the next property

10%

9th

The next property dropping in value in the future

4%

Founder and CEO of eMoov.co.uk, Russell Quirk, commented: “Price is always going to be the primary concern for UK homeowners and it is only natural that securing the best price will weigh heavy on a seller’s mind. Generally speaking, our home is the most expensive asset we are ever likely to own and for the majority of us, our home is our nest egg, setting us up for retirement when we do finally sell and downsize. So it’s understandable that it be the biggest fear during the selling process, as that couple of extra thousand gained or lost, can make a big difference in the grand scheme of things.

Our previous research found that selling your home is more stressful than your wedding day and so it doesn’t surprise me that this also ranks highly amongst UK sellers. When you add time constraints to an already laborious process, you can see why selling a home in the UK can seem a daunting task and evoke such feelings of fear.

I have to say I am a little surprised that paying too much in estate agent fees didn’t make the top three. High street estate agent fees have rocketed in line with house prices over the years despite no additional service being offered, some may argue the service has even declined, and so the dated commission fee structure is one of the biggest obstacles to moving home.”

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