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There is much 'extra costs ignorance' among homebuyers

Thursday, 8 April 2010 5:15 PM

There is a lot of ignorance out there when it comes to the extra costs associated with buying a property, it has been suggested.

According to Selwyn Lim, director at Mouseprice.com, many people do not think about the final expense of added costs such as solicitor fees, surveys or stamp duty.

He said that the stamp duty tax remains "probably the biggest cost" of purchasing a home and has a "huge effect on affordability".

Mr Lin also suggested that the government's doubling of the stamp duty limit for first-time buyers will help them if they are purchasing outside of London.

"In London and the south-east there are hardly any properties which are affected by the stamp duty holiday," he commented.

Recent unbiased.co.uk figures showed that nine per cent of people think that the additional costs will amount to around £1,000, while four per cent claimed to be unaware that any extra fees could affect them.

A quarter of homebuyers said they were unsure how much the extra fees related to purchasing a property will cost.

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