First-time buyers commonly underestimate the cost of stamp duty and broker fees, Barratt Homes research shows.
Buyers end up paying £700 more than expected on stamp duty and £630 more on broker fees.
A Barratt spokesman said: “The results of this research clearly show buyers are struggling to understand not only how much they need to budget, but also what that budget should be covering.
“However, where people are able to seek out and receive expert advice, not only are their budgets helping them plan better, but almost a quarter of people are making substantial savings as a result.”
Overall first-time buyers end up spending £2,000 more than expected, when you also factor in the cost of surveys, valuations and legal fees.
Currently first-time buyers are budgeting £2,800 for these costs, meaning they are typically 73% short of the £4,955 amount needed.
Barratt conducted the search after releasing a homebuilders’ online guide to give buyers an idea of the fees and costs they will be charged.