The latest research by leading online estate agent, 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 and asked them ‘when selling a property, what are the top three things you fear the most?’
Despite UK homeowners currently enjoying a very buoyant UK property market, securing the right price still tops the list of fear factors.
55 per cent of those asked said not getting the price they wanted or needed was their primary fear when selling, with the stress of the selling process the second biggest fear factor for 46 per cent of homeowners.
Time constraints completed the top three fear factors, with 43 per cent of homeowners 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 (36 per cent), finding a new property to live in upon selling (22 per cent), dealing with the buyer (14 per cent), picking the wrong estate agent in the first place (12 per cent), getting a mortgage for their next home (10 per cent) and that their new property might drop in value in the future (4 per cent).
Founder and CEO of eMoov.co.uk, Russell Quirk, commented:
“Price is always going to be the primary concern for UK homeowners and it is only natural that securing the best price will weigh heavy on a seller’s mind. Generally speaking, our home is the most expensive asset we are ever likely to own and for the majority of us, our home is our nest egg, setting us up for retirement when we do finally sell and downsize. So it’s understandable that it be the biggest fear during the selling process, as that couple of extra thousand gained or lost, can make a big difference in the grand scheme of things.
“Our previous research found that selling your home is more stressful than your wedding day and so it doesn’t surprise me that this also ranks highly amongst UK sellers. When you add time constraints to an already laborious process, you can see why selling a home in the UK can seem a daunting task and evoke such feelings of fear.
“I have to say I am a little surprised 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.”