Latest consumer research by eMoov.co.uk has highlighted that money, stress and time constraints are still the biggest fears for UK homeowners when selling their home.
eMoov surveyed over 1,000 UK homeowners across the nation and asked them ‘when selling a property, what are the top three things you fear the most?’. To see the breakdown of the national results you can find the full report here, or check out the specific results from homeowners in the Midlands below.
Despite UK homeowners currently enjoying the highest average house prices on record, securing the right price still tops the list of fear factors.
Just like the rest of the nation 55% of those asked in the Midlands said not getting the price they wanted or needed was their primary fear when selling. Joining the top stop is the stress of the selling process with 55% of homeowners saying it’s their top fear factor.
In line with the national results (43%), time constraints completed the top three fear factors, with 41% of homeowners in the Midlands, being afraid they wouldn’t be able to sell their home in the time they needed to.
Other fear factors stated by UK homeowners included paying too much in estate agent fees (34%), finding a new property to live in upon selling (26%), dealing with the buyer (12%), picking the wrong estate agent in the first place (9%), getting a mortgage for their next home (5%) and that their new property might drop in value in the future (2%).
Although moving house is something that we will most likely do at least once in our lives, we often find that the additional stress it causes is very had to deal with. We naturally feel the need to be able to control the outcome – and very often we can’t as it is in the hands of the agents.
In terms of price achieved the financial expectations sometimes exceed the reality, which can often be difficult to deal with as a seller. But price is always going to be the primary concern for homeowners and it is only natural that securing the best price will weigh heavy on a seller’s mind, in turn causing stress itself. This is the same regardless of location so it comes as no surprise that the results in the Midlands match very closely to the nation’s overall. Generally speaking, your home is the most expensive asset you are ever likely to own.
What is surprising is that paying too much in estate agent fees didn’t make the top three. High street estate agent fees have rocketed in line with house prices over the years despite no additional service being offered, some may argue the service has even declined, and so the dated commission fee structure is one of the biggest obstacles to moving home.Katie Smallwood
If you’re looking for an estate agent in the Midlands, click here to contact Katie Smallwood and get a free valuation.