Online estate agents eMoov have released research showing the nation’s biggest fears when buying or selling property.
Eighty-six per cent said they could be deterred from buying and 91 per cent had worries about selling up.
In a survey of over 1000 UK homeowners, 40 per cent of sellers stated that getting the best price for their property was their primary concern and an equal percentage of buyers listed house prices as a major deterrent to buying.
The over 50’s lead the way as those most concerned about securing a good price for their property. With retirement potentially on the horizon, 40 per cent of them listed getting the best price as their primary fear. This is in contrast to those looking to buy, as 43 per cent of those aged 18-24 were most worried about price.
The research was carried out before the Autumn Statement and George Osborne’s changes to stamp duty. Prior to this 22 per cent of buyers with a budget of up to £200,000 listed stamp duty costs as a concern, rising to 38 per cent for those with a budget over £500,000.
Interest rates are currently as low as they can get and a rise is inevitable, yet 19 per cent of buyers considered this something to fear when looking to purchase a property. The majority of these were under the age of 44, most likely as a result of larger mortgages and less equity in comparison to the older property buyers.
Estate agency costs were the third biggest fear for sellers (27 per cent) and reflects the growing realisation that the cost of selling traditionally far outweighs the benefit. The fear of hefty estate agent fees was most prevalent across the age brackets of 35 and above.
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