Research by Unbiased has revealed 24% of homebuyers have a distinct lack of knowledge when it comes to the additional costs that go into buying a home, beyond the deposit and mortgage. First-time buyers received a shot in the arm following the Chancellor’s recent announcement that Stamp Duty on properties up to £250,000 will be suspended for those buying their first property this year and next. With house-buyers focused on how much they can borrow for a mortgage and saving for a deposit, other essential costs such as the survey, solicitor fees, and even Stamp Duty tax are not always sufficiently accounted for. One in 10 housebuyers estimate the extra house-buying costs won’t exceed £1,000, when in reality the conveyancing fees alone could cost this much. Furthermore, 4% admit it never even occurred to them there are any additional costs.
Quarter of consumers clueless over homebuying costs
Most Popular Articles
Latest Articles
11 real estate events & conferences to help you thrive in 2024
Forge new connections at these in-person events and conferences that can help take your career to the next level.
-
In quest to grow reverse business, US Mortgage Corporation hires Krajewski
-
NAR wants VA to change rules that prohibit veteran buyers from paying broker commissions
-
Renters gain financial edge over homebuyers in key U.S. markets: Realtor.com
-
Reverse-centric Ibis Software appoints Sivori to board of directors
-
Clear Capital extends its partnership with Cherre