31 May

First-time buyers regret making sacrifices

First-time buyers regret making sacrifices

Many first-time buyers regret making sacrifices in order to purchase their first home.

Research from comparison website money.co.uk revealed one in ten first-time buyers feel the compromises needed to become a homeowner outweigh the benefits.

A total of 40 per cent felt they had to move away from family in order to find an affordable home, while 31 per cent believed they were forced to move away from friends. People also had to make compromises on their first home, with 25 per cent opting for properties with fewer bedrooms and 15 per cent sacrificed outdoor space.

Some new homeowners also felt they had moved into areas with higher crime rates, resulting in increased car and home insurance premiums.

First-time buyers also believe becoming a homeowner has impacted on their health, with 25 per cent reporting increased stress levels, 19 per cent more anxiety and eight per cent developed depression.

Hannah Maundrell, editor-in-chief at money.co.uk, said: "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.

"Quality of life and personal wellbeing are a big priority that shouldn't be overlooked."ADNFCR-1222-ID-801836392-ADNFCR

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