Although the recent budget concession means that first time buyers ought not to pay any Stamp Duty Land Tax, a recent report suggests that first time buyers are spending on average some 23% or £44,240 more than they budget for on their first home. The research was carried out by Zoopla which found that first time buyers estimate they will spend an average of £167,359 on their first home but the actual cost comes in at £211,599, a difference of nearly a quarter of their original budget.
Perhaps unsurprisingly, those in London have the biggest gap between their plan and what they actually do. Most first time buyers, according to the research, under estimate how much of a deposit they will need to secure their home by an average of nearly £3,500 and they take over two years to save up their deposit.
Planning ahead when buying a property (or entering into any major financial transaction) is essential and when doing so, please be realistic! If you want advice as to the likely legal, Stamp Duty Land Tax and other associated costs in connection with your purchase, do please feel free to contact Julie Rowan on 01208 72328 or email firstname.lastname@example.org