According to new research by Aldermore, First-Time buyers are massively under-estimating the cost of buying a home. Particularly in London and the South, where the average house prices are significantly higher than the North.
Aldermore’s research has stated that there is a substantial gap between what First-time buyers have saved and what is actually needed. The average shortfall for the South West is approximately £18,633.
First time buyers are also failing to factor in additional costs such as surveys, solicitors fees and the potential costs of the house purchase falling through.
Just under half (47 per cent) of First-time buyers who bought in 2017 have had a purchase fall through, resulting in an average cost of £1,306.
Many First-time buyers are finding this a stressful, time consuming and costly process.
If you would like to discuss this, or any anything else, contact our advisers today on 01202 937444 or visit our other websites to speak to a mortgage broker in Reading or a mortgage broker in Bournemouth