Thousands of home buyers ‘regret snap decisions’

Thousands of people in the UK are regretting the fact that they rushed a decision to make a property purchase, according to a new study.

Ing Direct reports that more than one in four new homeowners regrets their snap home buying decision as they attempt to deal with the resulting debt management issues.

The nature of Britain’s housing market means that many thousands of would-be home owners are rushing their property purchase decisions in fear that a rival consumer will beat them to it.

Meanwhile, debt management pressures have increased for many of Britain’s homeowners in recent months in the wake of five rises in the cost of borrowing introduced by the Bank of England.

Chief executive of Ing Direct Lindsay Sinclair said: “The pace of today’s housing market puts a huge amount of stress on buyers and our research shows this can lead to snap decisions being when choosing a new home.”

Earlier this year, the Consumer Credit Counselling Service forecast that British homeowners would face serious financial difficulties throughout 2007.