Over half of UK buyers spend more than intended on a new home

Taylor Scott International News

More than half of British people spend at least 10% more than they intended when buying a new home and many end up with an extra bedroom, research has found. In a poll they confessed that they are influenced by their emotions over practical needs which results in spending more, according to the survey by Online Mortgage Advisor. When asked if they changed or widened their original budget some 64% said they did and 89% took into account properties that were more expensive than they originally planned to. Some 51% said they went at least 10% over budget, 18% stayed within 10% of their original budget, 13% were exactly on budget and 11% were within 10% or less. Only 7% bought a house for more than 10% less than they originally intended. Of those who spent more 68% said it was because they fell in love with a specific house and had to have it, 47% paid extra for the right location, 33% said their partner encouraged them to spend more, 25% bought a bigger house as it was better value for money and 29% said they were encouraged by an estate agent while 6% said it was down to their children. ‘Buying the right house within budget can be a really difficult task, especially in a growing market where property prices are still increasing in most parts of the UK. Often people will set out to buy based on price, but then check to see what they could get if “they just spent a bit more,’ said Pete Mugleston, director of Online Mortgage Advisor. ‘From then the decision becomes less about price and more emotionally driven, and often people will either come across their dream home or find it hard to go push the budget down again after seeing what they can purchase with a small increase,’ he pointed out. Taylor Scott International

Taylor Scott International, Taylor Scott

This entry was posted in Investment, investments, land, London, News, Property, Real Estate, Shows, Taylor Scott International, TSI, Uk and tagged , , , , , , , , , . Bookmark the permalink.