New data from Better.co.uk reveals the most searched concerns of UK property buyers and homeowners.
In the current climate, soaring energy bills, the cost-of-living crisis and volatile market conditions have resulted in a sluggish and somewhat unpredictable property market. Online mortgage broker Better.co.uk sought to uncover the exact concerns keeping Brits awake at night, with house prices taking the top spot, averaging 135,000 Google searches a month, followed by mortgage rates (110,000) and interest rates (90,500).
Top 10 Biggest Financial Concerns Across the UK
| Concern | Avg. monthly searches | Three-month change | YoY change | Negativity % Increase | % Negative Sentiment | |
| 1 | house prices | 135000 | 22% | 172% | 144% | 26% |
| 2 | mortgage rates | 110000 | 235% | 508% | 303% | 60% |
| 3 | interest rates | 90500 | 22% | 233% | 303% | 31% |
| 4 | stamp duty | 90500 | 83% | 50% | 303% | 8% |
| 5 | uk inflation | 74000 | -18% | 83% | 295% | 49% |
| 6 | solicitors | 74000 | 22% | 22% | 110% | 52% |
| 7 | energy price cap | 60500 | -63% | 173% | 54% | 9% |
| 8 | home deposits | 60500 | 0% | 0% | 144% | 21% |
| 9 | energy bills | 27100 | -63% | 819% | 54% | 55% |
| 10 | buying a house | 22200 | -18% | -18% | 110% | 44% |
A closer look into the sentiment behind the top 10 online searches finds a +144% increase in the negativity surrounding house prices, with a quarter (26%) of all house price-related discussions found to be negative.
With the highest number of monthly searches, Brits have the most concern about house prices, with queries jumping +172% YoY. Uncertainty centres around prices rising and falling and when the best time is to buy and sell.
Better.co.uk expert Sam Amidi, Head of Mortgage Sales, discusses whether house prices falling is a good thing and if it’s time to sell, stating that “given the cost-of-living crisis, buyers are unable to stretch to afford the high cost of property at the moment. Halifax and Lloyds have therefore predicted that there could be a house price drop of around 8% in 2023.
“This could be good for homebuyers, although house prices are still steep and so are mortgage interest rates. In fact, mortgage rates are likely to keep going up.
For sellers, the house price drop is not such good news. It will mean that they have to ensure they do not overestimate the value of their property. If in the process of selling, the property is downvalued during the valuation, it will only slow down the process as the buyer may wish to renegotiate the selling price.”
Following closely behind is mortgage rates confusion, as Brits turn to Google on average 110,000 times every month. In fact, questions jumped up to 5 times the usual amount last year (508% YoY). The Bank of England’s base rate rose nine times in 2022 to 3.5% and is expected to reach around 4.5% in 2023, directly affecting interest rates applied by mortgage lenders.
The third most concerning area is interest rates with 90,500 related monthly Google searches, surging by 233% YoY. With average mortgage rates now 4.1% higher, it’s no wonder those set to buy property or renew mortgage terms are highly concerned about the financial implications.
To uncover the complete top 10 list of concerns in additional detail and read the Better.co.uk mortgage broker advice guide, visit https://better.co.uk/press/uks-biggest-mortgage-concerns
