A survey by Legal & General (L&G) found that homebuyers had to spend over £1,800 on unexpected costs when moving home.
On average, homeowners report spending £1,836 on costs and fees they hadn’t budgeted for. In London, the average was higher at £2,041. These unexpected costs include larger-than-expected stamp duty, furniture, removal services, utility bills, and council tax.
The survey also found that homebuyers, especially younger ones, are confused about different types of mortgages and the terminology associated with them. For example, 39% of 25 to 34-year-olds are confused about equity-related terms, and 38% don’t know what ‘agreement in principle’ means.
Clare Beardmore from L&G said:
“Buying your first home is a major milestone, but our research shows it can feel overwhelming, particularly when faced with unexpected costs and unfamiliar mortgage terminology.”
She recommends using professional advisers to help buyers navigate the buying process and make more informed decisions.
Buyers need to do in-depth research on the full costs of moving and running a new home, including how much to expect to pay for utility bills, insurance, council tax, maintenance, removals and renovations.
Confusion over finances contributes to the stress of moving, which nearly half (48%) of those surveyed rated as more stressful than a divorce.
Merseyside Movers & Storers is the leading Liverpool removal company. When you ask us for a transparent removal quote, rest assured that, unlike other removal services, there will be no hidden or unexpected extra charges.
