House-buyers ‘unsure how much the venture will cost’

House-buyers could be placing themselves at risk of debt as it has been revealed almost a quarter of those purchasing property are unsure how much it …

House-buyers could be placing themselves at risk of debt as it has been revealed almost a quarter of those purchasing property are unsure how much it will cost in total, new research has suggested.

A study conducted by unbiased.co.uk has revealed that 24 per cent of such people have no idea how much the extra payments required with moving into a new home can be.

Nearly one in ten believe these costs will amount to around £1,000 – a figure that could be owed in conveyancing fees alone.

Karen Barrett, chief executive of the professional advice website, warned: “Buying a home is a huge financial commitment and it is crucial for consumers to factor in all the additional costs involved.”

A survey carried out by the Association of Residential Letting Agents recently found a severe shortage regarding rented accommodation available in Britain and the group announced there was a “dire need” for good quality rental abodes.

By Joe Shervin

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