A fifth of homebuyers go £23,000 over budget

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Unforeseen costs cause 21% of UK homebuyers to go over their initial budget by an average of £23,000, with subsequent spending on the property pushing that figure to over £30,000.

Research carried out by money.co.uk revealed that over a fifth of property purchasers go over the maximum asking price they had initially budgeted for. What's more, the average homebuyer spends £8000 on their property within the first 12 months of purchase, expenditure which many also fail to anticipate. The study found that, for those who have under-budgeted, 60% of the shortfall comes out of long-term savings. Of the remaining average £13,400, 63%, is paid for using personal loans (15%), credit cards (27%) and extended mortgages (21%). For many, these are long-term debts, with on...

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