Research from the HomeOwners Alliance shows that regrets about house purchases rise to around two-thirds – 63% – of those aged 18-34 years old.
Among younger buyers, around 29% said they did not budget for the full costs of buying or renovating.
Approximately 27% are unhappy with where they bought, and 17% regret settling on the size, number of bedrooms and lack of outdoor space.
Around one in 10 said they wish they hadn’t bought a new-build property.
Looking at budgeting, around 16% of 18-34-year-olds said they wish they had accounted for additional buying costs like fees and surveys, and an additional 16% didn’t plan adequately for renovation expenses.
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Over half of London homeowners have regrets about their house purchase
Homeowners in London are more likely to have regrets about their property purchase, with more than half of London homeowners saying they would make different choices.
Nearly a quarter regret not budgeting for all the costs of buying or renovating their property.
Approximately 15% of London homeowners regret compromising on property features. This includes things like size, the number of bedrooms and outside space.
One in 10 London homeowners regret buying leasehold homes – more than double the UK average of around 4%.
Looking at other regions, 38% said they regret the property they bought in the North of England and South of England.
This goes down to 36% in the Midlands and 28% in the East of England.
Paula Higgins, HomeOwners Alliance’s CEO, said: “Buying a home is one of the most significant and emotional decisions people make – and our research shows many are left feeling they got it wrong. Younger buyers, in particular, are being hit hardest by the realities of the market: high prices, hidden costs, and the pressure to compromise.
“In London, these challenges are even more acute. Sky-high property prices mean buyers are often stretching their budgets to the limit and compromising to get on the ladder. Add to that the pressure of fast-moving deals and a competitive market, and it’s no wonder that Londoners are more likely to feel they made the wrong decision.
“At HomeOwners Alliance, we’re here to change that. Our site offers insights, checklists and calculators – such as moving costs – to help first-time buyers research, budget and understand the full costs involved. We highlight common pitfalls to avoid and offer comparison services so buyers can shop around for the best deals on mortgages, conveyancing, surveys and more.”
She continued: “It’s worth remembering that even with these regrets, owning a home brings long-term stability and financial security. You’re building equity, not paying someone else’s mortgage, and you have a roof over your head that you can call your own.
“Most homeowners adapt and grow into their homes – they decorate, renovate, build equity, and make the space work for them. With time, a house becomes more than a transaction; it becomes a home.
“Of course, for some homeowners – particularly leaseholders facing unaffordable ground rents, new-build homeowners struggling to get problems fixed or facing un-adopted estate charges, or those trapped by the fallout of the cladding scandal – the sense of regret goes deeper. These are real injustices that leave people feeling trapped. At HomeOwners Alliance, we continue to press the government and campaign for fairness in housing and give a voice to those let down by a broken system.”