Over half of new homeowners have been made ill by the stress involved in buying their first property, a new report has revealed.
Personal relationships have, in many cases, taken the biggest strain when it comes to people’s wellbeing with 46% of first-time buyers facing problems with their partner because of the buying process.
Others admitted to making sacrifices to their career as well as their health. Over four in ten gave up being self-employed because of the difficulties securing a mortgage, the latest First-Time Buyer index from specialist bank Aldermore found.
What’s more the problem is getting worse, with more respondents to the annual survey reporting feeling stressed and having strains placed on their personal relationships when going through the home buying process this year compared to last year.
Yet despite the fact nearly half of recent first timers questioned said they had to rebuild their lives due to the compromises made buying a home, 72% admitted the stress had been worth it and eight in ten thought the experience had been ‘empowering’.
Advice to reduce stress
Now charity Anxiety UK has issued advice to first-time buyers recommending, by taking care of their mental wellbeing, they are more likely to get through the process successfully with relatively little stress.
Nicky Lidbetter, CEO of Anxiety UK, said moving house was stressful for anyone but for first-time buyers it usually coincided with other major life events or stressors such as maintaining employment, building relationships or starting a family.
She added: “I am not surprised at all to hear that their wellbeing has been found to be adversely affected through the buying house process, particularly with the rise in house prices.
“This has been somewhat reflective of the increased rates of anxiety, stress and anxiety-based depression that we are seeing in all areas of society, and indeed here at Anxiety UK.”
Five ways to wellbeing
Lidbetter explained the five ways to wellbeing included connecting, being active, taking notice of your environment and learning. These simple and cost-neutral steps, she said, had been proven to bring above positive mental wellbeing.
“For those with higher levels of stress,” Lidbetter advised, “and for those who may be at the point of developing an anxiety disorder, we recommend seeking help. Your GP is well-placed to provide advice and information.
“Anxiety UK too offers a range of accessible support services, including a national network of trained anxiety experts, developed to fit around people’s modern, busy schedules.”
