Recent research has revealed that nearly two-thirds of people who bought a home in the past year encountered unexpected costs, with over a quarter describing these surprise expenses as the most frustrating aspect of the process.

The most commonly unanticipated costs were related to renovation and repairs, followed closely by legal fees. First-time buyers were more likely to report experiencing these unforeseen expenses compared to previous property owners 66% versus 55%, respectively. This highlights a clear need for improved education and transparency throughout the home buying journey. While conveyancing costs have increased by 17% since last year, bringing the total annual spend to £1.9 billion, the majority of buyers said they would rather pay more if it meant a quicker transaction process.

The research was conducted by Censuswide, surveying 100,1 homebuyers over the age of 25 who had moved within the past year. The findings were supplemented by industry data. 

Source: Juliet Shaw, Today's Conveyancer