25th May 2017
Nearly half (45%) of homebuyers pushed their budgets to the limit when purchasing properties in the last 2 years, according to a study by Which?
Out of 2,000 homeowners surveyed by the consumer watchdog, 24% spent less than they had budgeted while 19% who over-budgeted paid more than 15% above their limit.
Around 1 in 3 homebuyers aged 25-29 went over their budget when buying a home, with 25% of first-time buyers overspending.
Just 19% of homebuyers who have bought before had spent over their planned budgets.
The highest proportion of people who overspent on their budget was in the South East (3 in 10), with a third of homebuyers in Yorkshire were under budget.
David Blake, mortgage advisers at Which?, said:
“It’s important to take a long-term approach and be realistic about affordability when buying property.
“Given how easy it can be to go over budget, ensuring you have all the right information could not be more important. Seeking independent mortgage advice early on is vital in order to know what options are open to you.”
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