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'Plan finances when moving house'

House buyers in the UK are failing to plan their finances adequately when they move home, according to new research.

A study by FindaProperty.com found that 100 per cent of those who move house go over budget, as they are failing to set aside enough money to cover the cost of moving

Figures showed that nine out of ten people are overstretched financially, which adds an estimated £20,000 to their initial costs.

This was due to various factors, such as misjudging the cost of home improvements and DIY, while many people have also been hit by stamp duty and legal fees.

Mike O'Flynn, a property expert from the site, commented: "Unlike other financial matters, when it comes to searching for a new home, buyers are led by their hearts - not their heads."

He advised those considering renovating a potential new home to get professional quotes in order to fully understand the costs involved.

Mr O'Flynn also urged people to be realistic when planning to make a new home and to budget accordingly.

According to Rightmove, the average property price is now £228,183 - 12.2 per cent higher than at this time last year.

Click here to see how much you could borrow with a Lombard Direct personal loan.

19/03/2007 14:38:36

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