The crippling cost of deposits are enough to ensure that most young people and potential first time buyers are unable to take that envied step onto the property ladder.
A new report, by TotallyMoney, has found that the average UK upfront cost associated with buying a property actually surpasses £38,000.
In fact, the £38,777 equates to a quarter of the price of a UK property. Unsurprisingly, London is fettered with the most expensive upfront costs of £125,195, whilst Bradford enjoy total upfront costs of £24,895, which is less than the average UK housing deposit of £28,130.
Despite the costs of buying a property escalating, a survey of over 1,000 people, from Terry’s Fabrics, has found that many buyers are completely naive to the property that they have purchased.
22% of all respondents only spend 30 minutes viewing their home before making an offer, with only 35% spending more than two hours viewing the property before buying it.
When 60% of respondents admitted to spending more time looking for their family holiday than viewing their home, it is unsurprising that these hidden problems materialise after the sale, increasing the moving costs for the buyer.
24% of home buyers wish that they had the foresight to take the time to check doors, windows and the property’s roof. When costs for restoring drainage, fixing cracks, roofing improvements and the removal of rot cost more than £4,850, the ability to keep a calm head and look for potential problems becomes really clear.
The 20% of people that regret not checking the plumbing may have fallen victim of the average charge of £2,500, whilst the 10% of respondents that regret not checking the electrics in their house could be out of pocket by £2,750.
After moving into a property, 12% of people found that plumbing, leaks or mould were problems that could have been addressed before the completion if more time was taken in the buying process.
Although many buyers focus their attention on the deposit needed to buy a property, 60% of buyers are left baffled and confused about the myriad of issues they are left to deal with once completion has taken place.
What can be done to alleviate these escalating costs in the future? Should home buyers be more prepared for issues with their home? Is this a factor that conveyancers consider?
