First-time buyers are most excited about their property search after viewing four or five homes, according to research from LPL.
The property law firm’s forthcoming First-Time Buyer Anxiety Index found that excitement initially rises as buyers progress through their search before falling as the number of viewings increases.
Only 20% of buyers reported feeling excited at their first viewing, rising to 47% by their fourth or fifth property.
Excitement then fell to 30% among those who had viewed between six and 10 homes and to 25% for buyers who had seen between 11 and 20.
STRESS RISES WITH EACH VIEWING
While excitement follows a rise-and-fall pattern, stress levels increase more consistently throughout the property search.
One in 10 first-time buyers experienced stress during their first viewing, rising to one in five among those who had visited between six and 10 properties.
More than a third of buyers who viewed over 10 homes reported feeling stressed, with anxiety following a similar trajectory.
Overall, approximately a third of first-time buyers described property hunting as exciting, while just under one in five found the entire search stressful.
“Unexpected bumps erode excitement.”
Louise Stephens-Pantoja (main picture, inset), Head of Operations at LPL, says: “It is positive to see that the overwhelming feeling for first-time buyers is excitement, but it is clear that signs of stress and frustration can creep in the longer that search goes on.
“This is something that rings true throughout our study, set for launch later in August, with first-time buyers going into the process feeling excited and ready for the process, only to find stress and anxiety levels rising when met with unexpected bumps in the road – such as gazumping, delays and, in this case, not quite being able to find the right home for them.”
LPL’s full First-Time Buyer Anxiety Index is due to be published later in August. It will examine the principal causes of stress during the buying process and consider how the industry could provide buyers with more effective support.
