Everyone knows that first time buyers don’t have an easy ride - but new research reveals getting on the property ladder can seriously damage your relationship as well as your wallet.
Everyone knows that first time buyers don’t have an easy ride - but new research reveals getting on the property ladder can seriously damage your relationship as well as your wallet.
First time buyers aren’t accounting for all the financial and emotional costs of buying a property – leaving them out of pocket and unhappy in their new home, according to a study from Norwich Union.
Norwich Union’s ‘Moving Apart’ study reveals that almost 100,000 first time buyers have experienced relationship problems with their partner thanks to the emotional stress of buying a home.*
Those polled say lack of planning and money worries were a recipe for disharmony, with nine in 10 (88%) admitting they underestimated the cost of moving home and a quarter going over budget, to the tune of Ł10,000 on average.
According to 70% of the nation’s estate agents – who were also questioned as part of the ‘Moving Apart’ study – first-time buyers often struggle to cope with the huge emotional rollercoaster of moving home.
And seven in 10 (69%) say it doesn’t help that these people are often confused or ill informed about what’s involved in the process.
The research from Norwich Union, which has devised a ‘first home’ package, to make life easier for first time buyers, also reveals that lack of communication between partners can create problems.
The research also revealed:
- Almost half (47%) of all first-time buyers found getting on the property ladder a bewildering and confusing experience
- Over a third (34%) of estate agents think first-time buyers don’t share the same ideas about what they’re looking for in a property
- One in five (19%) homeowners admit they felt compromised on their choice of home because of their partner
According to relationship counsellor Denise Knowles from Relate, the UK’s largest relationship support organisation, the research highlights the need for open communication between couples.
"House buying is a stressful enough business at the best of times, but it can be even more so for those couples who are making their first long-term financial and emotional commitment by getting a property together.
"On top of having to come to terms with a new life of cohabitation and what that entails, they’re also trying to muddle through the complicated process of buying a home, and it can be make or break for some couples."
She’s teamed up with Norwich Union to produce 10 relationship-saving tips for people buying a home together, including the need for communication and compromise to avoid resentment and disagreements building up.
Adds Liz Kennett, spokesperson from Norwich Union: "We know that house-buying can be extra stressful for those embarking on the property ladder for the first time. That’s why we offer first time buyers a package combining home building and contents insurance, and a host of useful offers, discounts and services. It aims to make life a little bit easier during the first months of home owning."
For more details on the first time buyers’ package – which includes ‘low start’ contents sum insured option, a fixed price for two years and a number of money-saving offers from leading home suppliers – customers should contact Norwich Union Direct on 0800 888 222 or visit
www.norwichunion.com/firsttimebuyer
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* The 2003 Survey of Mortgage Lenders states that there were 348,000 first time buyers in 2003. Our research confirmed that 24% of first time buyers said that the emotional stress of buying a home damaged their relationships. 24% of 348,000 = 83,520
Norwich Union commissioned Brand & Issues to conduct research amongst 250 estate agents across the UK. The insurer also commissioned YouGov to research 884 adults who had bought their first home in the past three years.
Media contact
Charlotte Speedy, Matt Buchanan or Charlotte Ruddlesdin at QBO Bell Pottinger on 020 7861 2424
Liz Kennett at Norwich Union on 01603 688 263 or 07801 901 666
Editor’s Notes
- Norwich Union is the UK's largest insurer with a market share of around 14 per cent. With a focus on insurance for individuals and small businesses, Norwich Union insures:
- one in five households
- one in seven motor vehicles
- more than 800,000 businesses
- Norwich Union’s news releases and a selection of images are available on the Aviva internet press centre at www.aviva.com/media
- An ISDN facility is available for studio quality broadcast - call the press office on 01603 683820
Relate
- Relate’s Couples Workshop is for couples who are setting up home for the first time. It equips them with the relationship skills they can use to cope with the stress and changes they experience. For more details couples should call 0800 093 5711 or visit: www.relate.org.uk