Almost two -thirds (62%) of those who have bought a house in the UK in the last 12 months said they experienced unexpected costs during their transaction, according to recent research by Smooove.
The study also showed that more than a quarter (27%) thought that this was the most frustrating part of the process.
The most frequently mentioned costs Hinder the transaction process was renovation and repairs, followed by legal and one -off costs such as stamp rights and relocation costs.
The first time buyers were particularly vulnerable – two -thirds (66%) experienced unexpected costs in this group, compared to just over half (55%) with previous buying experience. According to Smooove, this emphasized the need for further education on the transaction process and financial obligations that go beyond the known legal costs and mortgage costs.
Homebuyers and sellers are also confronted with rising transport costs. On average, a total of £ 1.9 billion was spent on transferring in 2024, an increase of 17% year by year.
Nevertheless, none of the respondents indicated that this was the most frustrating part of the journey, which shows that rising costs are not what consumers are bothering, but it is the unexpected costs that appear in the line later.
Smooove Chief Growth Officer Matt Joy noted: “In what normally the biggest financial moments are in the lives of a person, The lack of clarity in purchases of real estate And sales add a completely new and to be prevented low of voltage for consumers.
“Central to this is the potential for spiral -shaped, non -printed costs. From unexpected expenses for repairs, relocation costs, surveys or searches, not -planned costs can quickly rise and contribute to the stress and press the transaction itself.”
He concluded that what emphasized the research was the need for more certainty in the process and better information from the outset, so that buyers could plan a budget and more effective. “Solving problems such as this will help to reduce delays and trap streets and ultimately build more confidence in the process, which encourages consumers to move more often.”