Unforeseen costs cause 21% of UK homebuyers to go over their initial budget by an average of £23,000, with subsequent spending on the property pushing that figure to over £30,000. 
Research carried out by money.co.uk revealed that over a fifth of property purchasers go over the maximum asking price they had initially budgeted for.
What’s more, the average homebuyer spends £8,000 on their property within the first 12 months of purchase, expenditure which many also fail to anticipate.
The study found that, for those who have underbudgeted, 60% of the shortfall comes out of long-term savings. Of the remaining average £13,400, 63%, is paid for using personal loans (15%), credit cards (27%) and extended mortgages (21%).
For many, these are long-term debts, with only 35% paying them off within the first year.
One fifth of homebuyers are currently paying off these debts on top of their monthly mortgage payments.
Chris Morling, managing director of money.co.uk, said:
"These findings demonstrate why methodical planning and budgeting are such important first steps to buying a property. It is all too easy to overlook expenses and end up in a precarious financial position. Households with debt piled upon debt are most likely to be at risk during tough economic times."
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