UK property buyers struggle to keep costs down

A study by TV property show presenters Phil Spencer and Kirstie Allsopp shows how UK property buyers sometimes struggle to keep within an agreed budget when hunting for their dream home.

Around 2,000 residential property buyers took part in the survey and results showed that nearly half spent an average of £10,000 more than they planned to in the East Midlands this rose to almost £13,000 over budget.

According to the results a small percentage of UK property buyers are more than prepared to go the extra mile financially when buying e new home, ten per cent said they would spend an extra £50,000 to secure the property of their dreams and two per cent said they would spend an extra £100,000.

Many house hunters seem to be in the dark concerning all the legal fees associated with buying property and many forgot to include costs associated with decorating and refurbishing a house into home. Another startling result showed that up to 40 per cent offered the asking price – even though it is still a buyer's market.