Editor's note: This brief was summarised by The Property AI Newsroom from a report by Property Industry Eye. Read the original article for full details.
Study Reveals When Home Viewing Stress Rises for First-Time Buyers
A new study from property lawyers LPL has identified key points of stress and excitement for first-time buyers during the property search process. The research, which will be published in full later this summer as the First-Time Buyer Anxiety Index, surveyed first-time buyers across the UK to track their emotional journey.
According to the findings, excitement among first-time buyers builds gradually, peaking at the fourth or fifth property viewing. After this point, excitement begins to decline, while frustration and stress start to increase. The study found that around a third of first-time buyers feel excited by the property search overall, but only 20% feel this way at the very beginning. Excitement rises to 47% by the fourth or fifth viewing, then drops to 30% at six to ten viewings, and 25% at eleven to twenty viewings. Beyond twenty viewings, excitement drops sharply.
Stress levels follow a different pattern, increasing steadily with each additional property viewed. At the first viewing, only one in ten first-time buyers report feeling stressed. This rises to one in five by the sixth to tenth viewing, and jumps by 14% after more than ten viewings, with more than one in three buyers feeling stressed at this stage. Anxiety levels show a similar trend, with the study suggesting that the optimal point for mental wellbeing is around the fourth or fifth property viewing.
The First-Time Buyer Anxiety Index is set to be released in August and will provide further details on the main pain points in the property search journey. The study aims to highlight ways to support first-time buyers and help maintain excitement throughout the process.
These findings may be relevant for UK letting agents and inventory clerks, as understanding the emotional journey of first-time buyers can help improve client support and communication during property viewings.
Source: Property Industry Eye