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.
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