UK buyers spend more on a new home
More than half of British people spend at least 10% more than they intend when buying a new home and many end up with an extra bedroom, influenced by their emotions over practical needs, according to the survey by Online Mortgage Advisor.
When asked if they changed or widened their original budget 64% said they did and 89% took into account properties that were more expensive than they originally planned to.
Some 51% said they went at least 10% over budget, 18% stayed within 10% of their original budget, 13% were exactly on budget and 11% were within 10% or less. Only 7% bought a house for more than 10% less than they originally intended.