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First-time homebuyers suffering more stress-related illness

Thursday 16th August 2018
Being a first-time buyer has brought a growing risk of stress-related illness, new research has indicated.
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The stresses and strains of getting on the property ladder are causing an increasing number of people to suffer mental illnesses, according to data compiled by Aldermore Bank and charity Anxiety UK. 

Aldermore's latest research found that in the past 12 months, 52 per cent of first-time buyers were made ill by the stress of the process, a significant increase on the 35 per cent reporting symptoms in 2017. 

While moving house is a generally stressful event, particular issues included house purchases falling through or being delayed, as well as the cost and the potential damage to relationships caused by the strain.

Aldermore's director of mortgages Damian Thompson said it was "concerning" that the recorded levels of stress had increased, something he suggested was a lot to do with the rising cost of getting on the housing ladder and the major personal and financial sacrifices people have to make in order to achieve this goal. 

Nicky Lidbetter, the chief executive of Anxiety UK, said a key reason for the problem being so great is that first-time buyers tend to be seeking to get on the housing ladder at the same time as they are developing careers and relationships, as well as starting families. 

She continued: "As such, I am not at all surprised to hear that their wellbeing has been found to be adversely affected through the buying process, particularly with the rise in house prices. 

"This has been somewhat reflective of the increased rates of anxiety, stress and anxiety-based depression that we are seeing in all areas of society, and indeed here at Anxiety UK.”

She said people should try out Anxiety UK's own 'Five Ways to Wellbeing' approach to maintaining good mental health, including connecting with other people, staying active, learning and "taking notice of your environment". She also advised first-time buyers suffering from stress to contact their GPs, as well as using Anxiety UK's own services.

Written by Angela Newbury

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