British homeowners regret buying their houses

Despite the fact that many people across the country will save money everywhere they can to make sure that they can afford a mortgage to buy their first piece of UK property, it is not always the best deal.

In fact, many Britons are now saying that the decision to purchase their first properties for sale was the biggest financial mistake they have made.

A new survey has discovered that as many as one in ten Brits feel that their decision to buy a house was a mistake, with these people wishing that they had stayed in the rental market instead.

The study, which was carried out by Skipton Financial Services, found that ten per cent regret the decision to buy their house because it is now in negative equity. The average amount that house prices have plummeted in recent years is £200,000.

However, this could be largely down to the fact that house prices have dropped considerably since 2007 when the UK entered recession, so it is likely that at some point these will recover, injecting more confidence into homebuyers.

Other reasons people feel unhappy about their home purchase can include maintenance issues. Some five per cent say that they have had to fork out on large DIY jobs, with the average outlay sitting at £12,700, with the main bugbear being that it has had no great effect on the value of their house.

Andrew Barker, managing director of Skipton Financial Services, said that economic uncertainty makes it difficult for anyone to make the correct financial decisions.

"It is unfortunate that many people are finding themselves short of cash because of ill-advised decisions they have made in the short term.

“It is incredibly depressing to think that many people have spent their hard earned money on something which they hoped would benefit them long term, only to find they were wrong. This makes it even more important that people think carefully before they commit their cash."