That’s according to Smoove, which found that 62% of those who have bought a home in the UK over the last 12 months experienced unexpected costs during their transaction, with over a quarter (27%) saying this was the most frustrating part of the process.
The conveyancing comparison software provider said the most commonly cited cost is renovation and repairs, followed by legal and one-off costs associated with a transaction – such as stamp duty and moving costs.
First-time buyers vulnerable
First-time buyers were particularly susceptible to these pressures, with two-thirds (66%) experiencing unexpected costs, compared to just over half (55%) of second steppers, highlighting the need for further education around buying costs.
Homebuyers and sellers are also facing rising conveyancing costs. On average, a total of £1.9bn was spent on conveyancing in 2024, up 17% year on year.
Matt Joy, chief growth officer at Smoove, said: “In what are normally the biggest financial moments in a person’s life, the lack of clarity in property purchases and sales adds a completely new and preventable layer of strain for consumers. Central to this is the potential for spiralling, unbudgeted costs. From unexpected outlays on repairs, moving costs, surveys or searches, unplanned expenses can add up quickly and contribute to the stress and pressure on the transaction itself.
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“What this research highlights is the need for greater certainty in the process and better information at the outset, allowing buyers to budget and plan more effectively. Resolving issues like this will help reduce delays and fall-throughs, and ultimately build more trust in the process, encouraging consumers to move more frequently.”
