New research by HomeOwners Alliance revealed that 37% of homeowners have regrets about the home they purchased – rising to 63% among younger buyers.
More than a third (37%) of homeowners said they regret aspects of the home they bought, or would make different decisions if buying again.
But the number is even more striking among younger homeowners, as nearly two-thirds (63%) of those aged 18 to 34 expressed regrets about their property purchase.
The research revealed that 29% young homebuyers did not budget for the full costs of buying or renovating, 27% were unhappy with where they bought.
17% regreted settling on size, number of bedrooms, or lack of outdoor space.
On budgeting specifically, 16% of 18 to 34-year-old homeowners wished they had accounted for additional buying costs (like legal fees and surveys) and 16% said they didn’t plan adequately for renovation expenses.
Regionally, homeowners in London are more likely to have regrets about their property purchase than in other areas of the UK.
Half (51%) of London homeowners said they would now make different choices, as 23% -nearly one quarter – regretted not budgeting for all the costs of buying or renovating their property.
In addition, 15% of London homeowners regretted compromising on property features, while 10% regretted buying leasehold homes.
Paula Higgins, CEO of HomeOwners Alliance, said: “Buying a home is one of the most significant and emotional decisions people make – and our research shows many are left feeling they got it wrong.
“Younger buyers, in particular, are being hit hardest by the realities of the market: high prices, hidden costs, and the pressure to compromise.
“In London, these challenges are even more acute. Sky-high property prices mean buyers are often stretching their budgets to the limit and compromising to get on the ladder.
“Add to that the pressure of fast-moving deals and a competitive market, and it’s no wonder that Londoners are more likely to feel they made the wrong decision.”
She added: “It’s worth remembering that even with these regrets, owning a home brings long-term stability and financial security.
“You’re building equity, not paying someone else’s mortgage, and you have a roof over your head that you can call your own.”
