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CA
Big rise in home-buyers complaining about “unexpected costs”
['Nick Hilborne']
Legal Futures
The proportion of home-buyers saying they experienced “unexpected costs” in their transactions has gone up by more than 50% this year, new research has found.
However, buyers did not blame their conveyancers or estate agents, with 85% describing conveyancers’ fees as “transparent”, six percentage points higher than for estate agents’ fees.
On costs, 95% said they had experienced unexpected costs, 64% “significant unexpected costs” and 47% costs which “could have been avoided”.
Researchers commented: “Delays have become a structural feature of UK property transactions, driven by fragmented processes, repeated checks and disconnected organisations.
Just over half (55%) of buyers aged 25-34 complained about stress, compared to all buyers aged over 55.