Tymit: “Home buyers exceed their moving budgets.”
The British are not very good moving planners.
New research reveals that a third (31 percent) of surveyed homeowners rushed to buy a property to take advantage of the tax exemption, increasing to 56 percent of homeowners aged 25 to 34 and 49 percent of 16 to 24 years. Research into Tymit, the UK’s first installment credit card, showed that despite these savings, owners are faced with an unexpectedly welcome gift: debt.
Two-thirds of surveyed homeowners have forgotten to budget for purchases such as furniture and decorators, with average overspending of £ 14,861, despite having more time to plan their big move. With many Brits climbing the property ladder this year, Tymit predicts they will further screw up their moving budgets.
The average budget to equip a new home was £ 22,387, but when looking at the actual spending of those surveyed; the research reveals that Brits exceed their original target by 67 percent, at £ 37,248 in total, putting them in Red numbers.
Londoners have crowned the worst planners, exceeding their budget by £ 27k, with one in five exceeding £ 50k. Those residing in the capital are followed by those moving to the West Midlands (£ 18k) and the South East (£ 17.8k).
“It is important to respect moving budgets.”
With the median home price in England costing £ 268,000, homeowners would be saving £ 3,400 thanks to the tax exemption. But these savings are bittersweet, with a bad budget exceeding stamp tax savings by a whopping 337 percent.
As a result of this poor planning, Britons spend almost three years paying for these additional expenses through a combination of loans and credit cards. A staggering 60 percent of surveyed homeowners say they would do things differently given the chance, and a fifth said they would budget better and the same amount by doing more in-depth research on furnishing and decorating costs. Of those surveyed, 11 months is the optimal amount of time to prepare.
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