Four in five second-time buyers caught out by hidden moving costs, study finds
Research from David Wilson Homes revealed that 83% of second-time buyers felt property advice and support schemes remain more focused on first-time buyers.
More than four in five homeowners found buying their second property more difficult than expected, with hidden costs, legal delays and property chain issues among the biggest challenges, according to research from David Wilson Homes.
The study found 81% of second-time buyers said the process was less straightforward than anticipated, while 83% felt property advice and support schemes remain more focused on first-time buyers.
Based on a survey of 1,000 UK homeowners and analysis of more than 4,000 comments across UK property forums on Reddit, the research highlighted a significant gap between expected and actual moving costs.
Among the most commonly underestimated expenses were costs associated with delays in property chains and Stamp Duty, both cited by 41% of respondents.
Estate agent fees were overlooked by 37%, while 32% underestimated legal and conveyancing costs and 31% underestimated removal expenses.
Analysis of online discussions found legal and conveyancing issues generated the highest levels of discussion among second-time buyers, followed by planning issues and neighbour disputes, chain disruption, boundary and title disputes, and last-minute price reductions by buyers.
Steve Mariner, sales and marketing director at David Wilson Homes, said: “Speak to a conveyancer early to identify potential complications, such as whether the title paperwork is complete, whether there are rights of access to consider, or whether past building work has the correct planning approval.”
Mariner added: “Ask a conveyancer or agent to outline who is involved in the chain, whether all parties have their mortgage arranged, and which searches or surveys are still outstanding so that any delays are less likely to come as a surprise.
“Setting a realistic asking price from the outset reduces the likelihood of a buyer having second thoughts after a survey, while moving quickly through the legal process limits the window in which issues can arise.
“Deciding in advance the lowest acceptable offer can also help avoid making that call under pressure.”
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