Property Panic-Buying Leads to Regret, Survey Finds

People who bought property during the coronavirus pandemic and stamp duty holiday felt under pressure to make a purchase, with many expressing regrets, a new survey has found.

The study of 2,200 UK homeowners, by insurance company Aviva, compared people who bought between March 2020 and June 2021 to those who purchased homes before the pandemic.

According to the survey, 94% of buyers, who agreed sales during the pandemic, felt pressured to buy with most making an offer after spending just 46 minutes on a viewing. As many as 15% were confident enough to buy after less than 20 minutes and others didn’t view the home at all, due to Covid restrictions.

Researchers found that almost a quarter of those who bought during the pandemic paid above the asking price, compared to 8% in the previous 12 months. Half of those surveyed regretted how much they had paid for the property.

London buyers felt the urgency to purchase more keenly than others in the UK, with 85% saying they felt under pressure.

Nine out of 10 people who bought during the pandemic discovered problems after moving in. These ranged from poor plumbing and electrics to costly repairs, noisy neighbours and a longer than expected commute.

Rising demand and the stamp duty holiday were cited as reasons for people feeling pressure, along with fear of missing out and previous experience of losing properties because of not acting quickly.

Owen Morris of Aviva said: “The housing market is moving at an incredible pace, with multiple buyers for properties in many parts of the country.

“It can be easy to fall in love with a home on first viewing, but we’d urge people to do their homework and proceed with caution when making one of the biggest financial decisions of their lives.”

The insurer recommends buyers view the property in person, commission the correct survey and check for issues such as cracks in walls and chimneys and internal damp and leaks.

Read more about this story on the Aviva website.