Survey: A quarter of house buyers 'clueless' about real cost of homes
Almost a quarter of house-buyers in the UK claim they have no idea about the extras associated with purchasing a property, according to a new survey.
Figures from financial services firm Unbiased.co.uk reveal that around one in ten people looking to buy property believes extra costs will only amount to around £1,000, which may come as a shock when conveyancing fees are, on average, around that price alone.
Perhaps more alarmingly, another four per cent of people said they had not given a thought to extra costs involved such as surveying, solicitor's fees and even stamp duty.
The company's chief executive Karen Barnett said that potential buyers need to budget for all these extras to "avoid a nasty shock".
Such news about detailed costs may alarm those thinking of buying a home as well as the continued strain of affording a deposit.
It may encourage people to look for property to rent in the London borough of Hammersmith & Fulham, or elsewhere in the UK instead.
By Andy Britten
Published 8th April, 2010
© 2010 Estates IT Limited
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First-time buyers may be deterred from venturing into the property industry and may opt to look for property to rent in the London borough of Hammersmith & Fulham, or elsewhere in the UK instead, after a survey revealed many house-buyers are clueless about the real costs of their home.