First-Time Buyers: Why 4–5 Houses is the Sweet Spot
House hunting before the stress kicks in: Four to five houses is the sweet spot for first-time buyers
- Just 20% of us feel excited on a first property viewing, rising to 47% by viewings 4 to 5
- There’s a U shape trajectory of excitement when it comes to the viewing process
- However, there is a gradual rise in stress levels the more properties viewed
- Overall just under one in five of us find the whole property search a stressful experience
The journey of a first-time buyer can take you through a wealth of emotions, from excitement to anxiety, confidence to uncertainty, sometimes all in one day, but a new study from LPL, a leading firm of property lawyers, has found the sweet spot when it comes to the property hunt, before it all starts getting too much.
The First-Time Buyer Anxiety Index, which is set to launch later this summer, surveyed the nation’s first-time buyers to uncover the key stress points and emotions across the journey, finding that there is a clear correlation between the number of houses viewed and anxiety and stress levels rising.
In fact, there’s an excitement curve, gradually building until the fourth and fifth potential home viewed, before dropping off again, with frustration and stress beginning to kick in. Stress levels had a slightly different trajectory, climbing the entire way, the more properties viewed.
Overall, around a third of first-time buyers feel excited by searching for a property. However, just 20% of us feel that at the very beginning of the journey. There’s a gradual climb to 47% by the fourth or fifth property viewing, then waning to 30% at six to 10 viewings and 25% at 11 to 20. Beyond that, excitement takes a nosedive.
The property search begins as a rather stress-free experience, with just one in 10 first-time buyers experiencing stress at the first property viewing. This then slowly increases to one in five by viewings six to 10, jumping 14% at more than 10 properties viewed – with more than one in three feeling the stress. There is also an almost parallel trajectory for those experiencing anxiety, making the sweet-spot for a person’s mental health being visits four to five in the hunt for a first owned property.
Louise Stephens-Pantoja, Head of Operations at LPL said, “It is positive to see that the overwhelming feeling for first-time buyers is excitement, but it is clear that signs of stress and frustration can creep in the longer that search goes on.
“This is something that rings true throughout our study, set for launch later in August, with first-time buyers going into the process feeling excited and ready for the process, only to find stress and anxiety levels rising when met with unexpected bumps in the road – such gazumping, delays and, in this case, not quite being able to find the right home for them.”
The First-Time Buyer Anxiety Index will be released in full in August, delving into the details behind what are the biggest pain points in the journey and what can be done to ease the mental health of first-time buyers to ensure excitement levels remain high and the right support is felt.
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