First Time Buyers Underestimate Cost Of Buying A Home

There is a real lack of understanding around the house buying process and the associated costs amongst those looking to buy their first home in the UK, according to new research. Nationally first time buyers underestimate the deposit they need by £15,388 or 31% but this rises to an underestimate of £75,000 for people buying their first home in London where prices are so much higher than other parts of the country. The first time buyer index report from Aldermore also shows that a deposit is the top obstacle for 34% of first time buyers while 40% overspend by £2,334 on other costs such as solicitors and home surveys. Read more on Property Wire.