Aviva interviewed 2,200 UK home owners as part of its “how we live” research, including 500 who had agreed a purchase between March 2020 and June 2021
Half of people who bought a home during the pandemic regret how much they paid, according to a survey.
Aviva said that around 94% of people who had purchased a home since March 2020 said they had felt under pressure to buy quickly, typically taking just 46 minutes to view their property.
Around nine in 10 (92%) pandemic buyers had found problems with their home that they had not noticed during the viewing.
As part of its “how we live” research, the insurer interviewed 2,200 UK home owners, including 500 who had agreed a purchase between March 2020 and June 2021.
Nearly 50% of people who had agreed a purchase during the pandemic said they now regret the price they agreed to.
This compared with just one in eight (12%) of home buyers who had bought their home before early 2017.
Nearly a quarter (23%) of those who bought between March 2020 and June 2021 said they agreed a figure over the asking price. This compared with just 8% of those who had done so in the year before March 2020.
In recent months, house prices have hit a series of new record highs on the back of a temporary stamp duty holiday. The holiday is now being tapered before reverting to normal levels this autumn.
A third (34%) of people buying during the pandemic said they were spurred on by the stamp duty holiday and 32% did not want to miss out on homes selling fast. 30% said they had lost out on other properties because they had not made an offer quickly enough.
Owen Morris, managing director, personal lines, Aviva said: Our research reveals many people are finding problems with their properties only when it’s too late. These range from more minor irritations, such as the need to decorate, to more worrying problems such as crumbling brickwork or a risk of flooding.
He said 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.
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