Quarter of consumers clueless over homebuying costs

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.