A growing number of Britons are ruling themselves out of the housing market as the emotional and financial strain of moving takes its toll.
After years of economic uncertainty, homeowners are becoming increasingly cautious about uprooting, with many opting to delay their next move despite the gradual easing of mortgage rates and stabilising house prices.
New research suggests that stress has now overtaken affordability as a leading reason people are staying put.
A fifth of those who have decided not to move in the next year say the upheaval and anxiety of the process is the main factor deterring them.
EMOTIONAL FATIGUE
The findings, from a survey commissioned by cash house-buying service We Buy Any Home, paint a picture of a market constrained not only by high costs but also by emotional fatigue.
Elliot Castle, chief executive of We Buy Any Home, believes the root of the problem lies in the complexity of the current property system.
He said: “There is more to moving than just getting a new house. It can be exciting and a new space often brings a new sense of freedom, allowing homeowners to choose somewhere that better suits their needs.
“But it is a long process. Some people wait months or even years for their current house to sell, dealing with buyers changing their minds. The market dips and peaks, mortgage rates change, not forgetting the changes to taxes such as stamp duty.”
CHAIN REACTION
And he added: “Finding a new property that matches your criteria can be difficult, and then you could be in a chain that means you have to wait for months before you can get your keys.”
With demand for desirable properties remaining strong, buyers are often forced to compete by bidding above asking prices or risk being gazumped.
Affordability continues to be a major obstacle, with 17% of respondents citing it as a reason for postponing their move.
A further 12% said the associated costs – from legal fees to removals – made relocating unviable.
